An advanced solution
- Singapore-based Krosslinker announced it has closed its seed funding round with ~US$1.3 million. The startup is a developer of advanced materials — materials specifically engineered to “provide a distinct advantage in (physical or functional) performance when compared to conventional materials”.
- Krosslinker focuses on an insulation material called aerogel, which is among the “lightest solid materials known to man” and considered “one of the finest insulation materials available”.
- “This advanced material once considered expensive to commercialise can now be feasibly produced at a competitive cost with our disruptive manufacturing technology,” said Gayathri Natarajan, chief executive officer and co-founder of Krosslinker.
- The startup can produce aerogels three times faster than current methods with the low energy consumption and reduced carbon footprint.
- With the seed funding, Krosslinker intends to develop its patented technology and run pilot trials with customers.
- The first industry it plans to serve is biopharmaceuticals, where effective packaging is vital in preserving products such as blood, vaccines, patient samples and drugs.
- Vishal Harnal, partner at 500 Startups, said: “We believe this packaging innovation comes at an opportune time when the stakes and costs of temperature-sensitive commercial and clinical drugs, including potential Covid-19 vaccines, are undergoing a dramatic increase.”
- Congratulations Krosslinker, and welcome to the 500 family!
Make shrooms for shoes
- 500-backed Indonesian biotech startup, Mycotech, has been working with fashion brands to use Mylea, an eco-friendly leather alternative made from the mushroom mycelium.
- “We got our inspiration from tempeh actually. Tempeh is basically mushroom mycelium bound with soy beans,” said co-founder Ronaldiaz Hartantyo, referring to the popular Indonesian soy food.
- One of their collaborations is with another 500-backed startup Brodo, a local Indonesian shoe brand, on the “first ever mushroom leather-made shoes”.
- The startup shared it takes 60 days to grow the material needed to make the shoes, saving 791sqm of land and 21.3kg of carbon emissions. It also uses 99% less water than compared to animal leather.
- Mylea has also been used to make watches and wallets.
- According to the startup, it leverages the brands it collaborates with to test Mylea on various products, making improvements along the way.
A boom in biking
- Founder and CEO of 500-backed iMotorbike Gil Carmo was featured in the ‘Open for Business’ segment on business station BFM 89.9, where he spoke about the idea behind iMotorbike and how it became the leading online motorbike listing and e-commerce website in Southeast Asia.
- According to Gil, iMotorbike is ranked the number one news portal for motorcycle news in Malaysia and offers access to services such as insurance and road tax renewal.
- Hailing from Europe, Gil noticed motorbikes were a lot more common in Southeast Asia, but there was no one-stop platform for motorbike users in the region.
- In Malaysia in particular, Gil realized there were a lot of solutions for the car industry, but both buyers and sellers of motorbikes did not have digital access to clarity and transparency.
- iMotorbike was set up, becoming the first online listing platform in Malaysia specializing in motorbikes and the bike industry. Apart from listings of used motorbikes, accessories, and parts, the site also features in-house reviews and news.
- The platform has partnered 4,000 dealerships to date, boasting 175,000 users in both the new and seasoned bikers categories.
- How does iMotorbike set itself apart? More than just a listing site, they are specialists — and Gil himself is a motorbike enthusiast.
- He focused on nurturing and educating the industry, helping merchants go digital in an era where users go online first, making a decision before even visiting a physical shop.
- With a dedicated team of writers, the platform currently publishes news daily in English, Bahasa Malaysia, and Vietnamese, catered to anyone from daily users to hobbyists.
- Gil shared the pandemic has driven consumers to consider bikes as an alternative to public transportation where physical distancing may not be possible. He also saw the boom not only in personal purchases but new employees of the delivery sector.
- Listen to the full interview here.
Missed out the last Daily Markup? Go here to check it out.
You can also find us on LinkedIn, Facebook, Twitter, and Instagram.
500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.
