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Daily Markup #163: This Malaysian startup helped F&B and retail businesses power through 2020; Financial services for unbanked migrants expanding in Asia and Middle East; Indonesian fish and shrimp farmers secured US$3.5 million in funding and 45% increase in income

500 Southeast Asia Team



Boosting sales and skills

  • 500-backed StoreHub released a video recapping the startup’s activities in 2020 and thoughts from co-founders Fong Wai Hong and Li Congyu.
Credit: StoreHub / LinkedIn
  • StoreHub provides a tablet-based point-of-sale system for businesses in the food and beverage (F&B) and retail industries.
  • Wai Hong shared when lockdown measures came into effect in Malaysia, a good case scenario for restaurants was a drop of 50–60% in revenue, while in a lot of cases, most restaurants recorded zero revenue.
  • The startup responded by developing and launching Beep Delivery in just 48 hours — a platform that empowers F&B businesses in Malaysia, Singapore, Thailand, and the Philippines to operate their own online delivery service.
  • The result? In Malaysia, a dessert cafe sold over 600 desserts within the first two days and an ice cream cafe doubled its average order value.
  • StoreHub also introduced fooddelivery.com.my, a food delivery directory offering free listings to F&B businesses and it saw more than 5,000 visiting the site on its first day.
  • To help boost sales, the startup launched the #SaveOurStores campaign to encourage people to order from restaurants. The campaign reached over 1 million people.
  • In the retail space, StoreHub Ecommerce enabled a fashion brand to move their store online and its sales shot up.
  • In Q3, the startup launched the StoreHub Business Program, an initiative to equip small business owners with the skills and tools they need to grow a sustainable and successful business.
  • What’s in store for 2021? More loyalty programs on the Beep app, marketing automation to help merchants with sales, and a revamp of the platform’s most used features.
  • Watch the full video here.

Milestones for migrants

  • 500-backed MyCash Money, a fintech startup designed for migrants in Southeast Asia, announced it has secured multiple partnerships in 2020.
Credit: Tech in Asia
  • Its achievements include:
  1. Obtaining the Standard Payment Institute License in Singapore through which the startup started to serve the migrant community in dormitories.
  2. Obtaining the Qatar Financial Centre (QFC) license in Qatar.
  3. Partnered with the world’s largest remittance company, Western Union, in Singapore. MyCash Money plans to extend this partnership to Malaysia and Qatar.
  4. Partnered with TransFast, GME, Prime Exchange, and several other remittance network providers.
  5. Secured payout partnerships with City Bank, Bank Asia, Premier Bank in Bangladesh, Bank BRI in Indonesia, and Prabhu Bank in Nepal. Payout partners are licensed organizations in a beneficiary country that makes payouts on another party’s behalf. The startup plans to secure more such partners in India, Pakistan & the Philippines.
  6. The startup is also in the midst of securing an eMoney License in Malaysia.
  • Congratulations to the MyCash Money team!

Hooked on success

  • 2020 has also been a productive year for 500-backed aquaculture startup eFishery in Indonesia. The startup provides fish and shrimp farmers with access to feed, financing, and markets.
Credit: DealStreetAsia
  • According to an infographic released by eFishery, its achievements this year include:
  1. 4x increased income for the startup
  2. 45% increased income for farmers
  3. Funding access for more than 800 farmers, with US$3.5 million of approved funding
  4. Expanding to more than 180 cities in Indonesia
  5. Setting up eFisheryPoint in more than 65 cities in Indonesia. eFisheryPoints are hubs where fish farmers can purchase eFishery products, sell their fish, or participate in other engagement activities, such as arranging product training, product demos or repairs.
  6. More than 1,000 tons of fish sourced directly from farmers
  7. Increased production capacity of up to 26%
  • Get the full report here.

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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.

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500 Southeast Asia Team