Could these startups be future billion-dollar companies?

More: Tencent to set up a regional hub in Singapore while Carousell closes in on unicorn title [Read from your browser]( Daily Newsletter Hello {NAME} Most tech startups go through this process: Identify an issue, create a solution, and then charge a lot of money for it. But sometimes, finding the wrong problem to fix could ruin the whole business. So today, we’re looking at ones that got it right and made it. Today, we look at: - The [startups]( making waves while solving everyday concerns. - The company that wants to make content better with tech  ---------------------------------------------------------------  PREMIUM SUMMARY  The startups that are solving problems, one step at a time [These young companies]( in Southeast Asia have recently raised funds to address some big problems, and we think they’re pretty cool: - Turn up the beet: Having trouble finding a vegan lunch place? Abillionveg, a Singapore-based recommendations and reviews platform, can help. Aside from restaurants, the app also features reviews for recipes as well as cruelty-free products and brands. The company recently raised US$3 million in a pre-series A round. - A way to spend better: Companies conduct a ton of transactions, covering everything from employee expenses to corporate subscriptions. Spenmo is a unified spending management platform that automates a company’s subscriptions, local invoices, and overseas remittances. It recently raised US$2 million from Rocket Internet, Y Combinator, and Iterative. - From farm to table: Thailand-based marketplace Freshket connects farmers and food processors to businesses like restaurants. On top of that, the company also helps restaurants manage their purchases and budget. It recently baggggged US$3 million in a series A round. Read more: [50 rising startups in Southeast Asia](  ---------------------------------------------------------------  STARTUP SPOTLIGHT  The startup that wants to make content better with tech Spread the news: Asumsi, a digital media startup based in Indonesia, has raised an [undisclosed amount]( of seed funding from East Ventures. - Founded in 2017, Asumsi publishes articles and releases videos about current affairs and pop culture. But that’s not all: The startup is also developing a news aggregator app that gives users recommendations on what to read and watch. - The startup’s plans: Founder Pangeran Siahaan wanted to tackle some issues in Indonesia’s media industry by producing better content. But he soon realized that relying on advertising for revenue doesn’t make him feel secure. So he’s counting on the news aggregator platform and other plans like a news gamification feature to bring in the cash. - Its achievements: Asumsi says it has more than 10 million viewers per month through its website, YouTube, and social media platforms. With the pandemic shutting down offline gatherings, the startup’s revenue from advertisers is also increasing due toonline avenues such as webinars and storytelling content.  ---------------------------------------------------------------  QUICK BITES  1️⃣ Tencent landing in Singapore The Chinese tech giant is planning to set up a [regional hub]( in the city-state, joining rivals like Alibaba and TikTok parent firm [ByteDance](. Besides opening a new office in Singapore, Tencent will also recruit people for tech and business development.  2️⃣ Alibaba to invest US$3 billion into Grab The Jack Ma-founded company is rumored to be in talks [to purchase some]( of the Southeast Asian ride-hailing giant’s stock held by Uber. The potential transaction could go up to US$3 billion, becoming one of Alibaba’s biggest investments in the region.  3️⃣ Carousell closing in on unicorn title The Singapore-based classifieds marketplace has just raised US$80 million in a funding round led by South Korea’s Naver Corporation. This brings the company’s valuation at [over US$900 million](. Carousell seems to be on a roll, merging with 701Search last November. Since then, the company has been valued at more than $850 million. In a recent [piece]( we reported that Carousell’s revenue more than doubled in 2019.  4️⃣ China’s TikTok gets more popular While ByteDance’s video-sharing platformTikTok is having trouble in the US and India, its China-only app Douyin surpassed [600 million]( daily active users in August, a 50% increase from January. Douyin has also helped more than 22 million content creators earn over $6.1 billion in the past year.  5️⃣ To all female founders: You got fund Investment firm Beacon has launched a [US$50 million fund]( that targets female entrepreneurs in Southeast Asia. Named Beacon Fund, its initial focus will be on debt products.  6️⃣ APAC smartphone market on a decline As countries remain on lockdown mode, consumers are turning to cheaper smartphones and spending more on products that support their stay-at-home work and entertainment needs. This has affected the Asia-Pacific smartphone sector, which saw a [20% drop]( in value - or almost 30 billion - during the first seven months of 2020.  ---------------------------------------------------------------  TWEET OF THE DAY  Confused? We got you. [Check out this timeline]( of events on how TikTok reached global fame only to face a ban in the US.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia Startup Arena Semifinals [Singapore edition]( September 22 [Vietnam edition]( September 24 [Indonesia edition]( September 29 [Other Southeast Asia countries edition]( October 1 - [Tech in Asia Virtual Conference]( from October 19 to 22. Our biggest annual event has everything you need to prepare for Southeast Asia’s Golden Age: expert panels given by founders, decision-makers, and investors, startup-investor speed dating, and networking sessions to connect with those who matter. If you’re already a Core or Live subscriber, you can [RSVP at no additional charge](.  ---------------------------------------------------------------  WHO'S HIRING - [Tech Lead / Senior Software Developer (Java)]( at Y3 Technologies Pte Ltd (Singapore, Singapore) - [UX Researcher]( at KoinWorks (Jakarta, Indonesia) - [Copywriter]( at Cakap (Jakarta, Indonesia)  --------------------------------------------------------------- Whether you’re rocking the day in pajamas or gym wear, share this email with your friends! And if you have any comments about our newsletter, hit us up [here](. Today’s edition is written by Betty Chum, with contributions from Aditya Hadi Pratama. It’s edited by Eileen C. Ang. Tech in Asia’s newsletters are handcrafted daily with love ❤️ - and sometimes powered by good coffee. To ensure that you don’t miss out on the biggest tech news and analysis, add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. 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