New investors emerge, ready to rescue startups in SEA

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} The renowned actor, comedian, and filmmaker Charlie Chaplin once said “Life is a tragedy when seen in close-up, but a comedy in long-shot.” This is a philosophy that I have come to use in dealing with tough circumstances in life, and it probably would help relieve the paralyzing anxiety that often hinders us from taking action. I realize that many founders in the startup ecosystem today are between a rock and hard place. As the funding winter continues unabated this year, many founders are nearing the end of their runway and faced with a tough decision about the future of their startups: Should they sell for scraps or shutter? So, in a recent piece, I explored if there’s another option out there for founders to save their startups? It led me to finding new non-VC investors emerging across Southeast Asia. Taking advantage of the plummeting valuations of startups, these investors - typically called turnaround funds - aim to get a majority stake in targeted firms, mold them into profitable businesses, and then seek quick exits via acquisitions or public listings. An example of this is Singapore-based Turn Capital, which acquired Flash Coffee’s Thai business last November. Another type of investor on the block is the search fund, which allows aspiring entrepreneurs to locate, acquire, and grow small businesses, usually using investor money. That said, I found out that turning around a business is no easy feat even for these investors. In addition, this piece explores if we will see the growth of such alternative startup investors in Southeast Asia. -- [Collin Furtado]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [New investors eye SEA startups seeking lifeline, but there’s a catch]( As valuations fall and runways shrink, a new wave of investors in the region is eager to acquire and assume control of startups. 2. [Mapping the Indonesian fintech players navigating a tech winter]( Between 2021 and 2023, the payments, lending, brokerage, and insurtech segments attracted the most money for the country’s fintech industry. 3. [Singapore companies ride global wave to build next-gen robots]( Singapore companies are building robots that clean, deliver food, and guard buildings. The journey is tougher than it looks. 4. [Are SEA’s deliveries about to get greener? These logistics startups think so]( Logistics firms in Southeast Asia are turning to electric vehicles for cost savings. But a lack of charging infrastructure remains a major problem. 5. [Singapore Court dismisses bid by former CTO to liquidate Cake Group]( The judicial commissioner said it wasn’t appropriate to use a winding-up application as a quick fix for the dispute between founders. 6. [Buymed’s 2022 revenue hit $76.4m, losses expanded amid rising competition]( Buymed has also expanded its marketplace model - which serves small drugstores - to Cambodia and Thailand. 7. [Singapore’s Toku eyes 50% revenue surge after AiChat acquisition]( Toku, which creates bespoke cloud communications and customer engagement solutions for enterprises, aims to achieve EBITDA breakeven by Q4. 8. [Demystifying Yuu, the Temasek-backed consumer loyalty program]( Is it a national loyalty program meant to benefit all Singaporeans? Or is it a multimillion-dollar experiment by Temasek on an emerging tech? 9. [VC funds tracker: Khosla Ventures, Khazanah Nasional, others add $5.4b in new funds]( Fundraising is difficult. To make things easier, we have compiled a detailed list of the most recent VC funds for our subscribers. 10. [Hot or not: What SEA investors are betting on and what they’re ignoring]( VC funding can be a leading indicator of where in the tech industry we’re going to see more spending and jobs. --------------------------------------------------------------- TECH IN ASIA’S FOUNDERS MEETUP: VIETNAM ON MAY 30  Founders Meetup is coming to Vietnam as part of the official closing party of Saigon Summit Double the excitement awaits as Founders Meetup returns to Vietnam, this time in conjunction with our inaugural Saigon Summit’s official closing party. Join us for an unforgettable evening of networking and celebration at CTY Kitchen + Bar on May 30. Unwind and connect with founders, startup leaders, and investors from across the region at this premier networking mixer. [Tickets are just US$12 – don't miss out!]( ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s  [Saigon Summit 2024 : Charting Vietnam’s Tech Future on May 30]( Saigon Summit will host discussions on Vietnam’s trending verticals, such as ecommerce, fintech, and electric vehicles, with VNG, VNLife, Razer will share their stories and insights. Join us as we discover the undeniable potential of Southeast Asia’s next tech hotspot. [Grab your tickets]( before they’re gone! [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( From macro trends shaping the landscape to the hottest emerging tech, we've got it all covered. Join us for inspiring keynotes on the Main Stage, deep dives in the Founders Summit, and actionable insights across dedicated growth tracks. Don't miss out - [purchase your tickets]( today! [Product Development Conference (Jakarta, 25-26 June 2024)]( In this edition of Tech in Asia’s flagship conference for product talent, get access to keynote presentations, interactive Q&As, and networking opportunities that help you to build, launch, and scale world-class products. Early-bird tickets are gone, but fear not—you can now grab first-release tickets at 50% off! Better yet, bring 2 friends and secure an extra 20% off. [Secure your spot]( now. [Tech in Asia’s Founders Meetup in Vietnam on May 30]( Founders Meetup brings together leading minds from across the tech industry. Whether you’re a fintech founder, a software investor, or something in-between, the event is a great opportunity to connect with people from across the tech ecosystem, learn about new trends and opportunities, and be part of the exciting energy of Vietnam's tech scene. [Tickets are just US$12 – don't miss out!]( [Saigon Summit Exclusive : Investor Hour on May 30]( We know that fundraising is a daunting task. So let us take the stress and guesswork out of the process and turn it into a rewarding experience by opening doors to the right investors at Investor Hour. It’s time to convince them that investing in your startup isn’t a smart move - it’s the smartest one. [Sign up NOW to secure your slot!]( --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. 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