Before the weekend, we unpack news in the SEA startup scene.
From 1KW to 1MW
- 500-backed SOLS Energy, a renewable energy startup operating in Malaysia, has supplied 1-megawatt worth of solar panels to over 125 customers and companies, according to an announcement on Facebook.
- The company, which has a first-of-its-kind academy training disenfranchised youth in solar installations, has also saved over 1.3 million pounds of CO2 and contributed to the planting of more than 16,000 tree seedlings.
- In 2018, SOLS Energy founder and CEO Raj Ridvan Singh was awarded the Best Sustainable Business Leader at the Europa Awards For Sustainability, an annual event recognizing companies in Malaysia that have “demonstrated extraordinary performance in the field of sustainability to the long term benefit of Malaysian society and economy and in line with EU sustainable development values.”
- SOLS Energy is the sister outfit of SOLS 24/7, a Unesco award-winning NGO empowering underserved communities through education and humanitarian assistance.
Adapting to the “new normal”
- How is the coronavirus pandemic affecting funding practices in Southeast Asia?
- KrAsia poses the question to VCs in the region, including Vishal Harnal, partner at 500 Startups who believes investors are adapting to the changes, and attributing to the uptick of recent investment activity. He predicts the trend of smaller startups being consolidated in the market to rise in the coming days.
- “In the past few months, a number of our portfolio companies in our Southeast Asia-focused, 500 Southeast Asia family of funds have either acquired other companies or are in talks to be acquired themselves. To me, the consolidation was long overdue and the COVID-19 pandemic served as a forcing function,” Vishal says.
- In regards to “unicorns” and “camels” in the ecosystem, Vishal says these terms are placeholders for the different approaches one needs to build a successful business.
- “Unicorns may come under greater scrutiny from investors, and may have to be more prudent with spending during COVID-19, but their strategy towards growth will remain part of the playbook for some types of startups.”
- Check out the full interview right here.
Most innovative
- 500-backed Gnowbe has been selected by HolonIQ as one of the 50 most innovative edu-tech startups across Southeast Asia.
- HolonIQ is a leading education intelligence company that collects, analyzes and distributes data and other information designed to specifically help educational institutions function better in their respective scope of work.
- Acknowledging the recognition, So-Young Kang, founder and CEO of Gnowbe, says they’re delighted to be on the list as the microlearning platform continues to witness signs of growth.
- “We are seeing rapid growth with doubling of users and MRR so it’s been an exciting time for Gnowbe. We continue to expand globally with users in 45 countries.”
- To expand their imprint across Asia and the US, Gnowbe is currently raising their Series A round.
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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.
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.
