Kaching! The Noice sound of money

This week, On the Rise tunes into the monetization challenges of a Gojek-backed Indonesian audio firm and the rise of specialization in healthtech. [Read from your browser]( On the Rise🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. Written by Kul Bhushan Journalist Hello {NAME} “Money, it's a gas, Grab that cash with both hands and make a stash,” sang David Gilmore from the band Pink Floyd in a 1973 hit called Money. It’s a song whose lyrics still resonate with listeners nearly five decades later. Dodging a long philosophical conversation on money – I am sure you have opinions on it – it’s safe to say that in the business world, monetization plays a crucial part that determines the very survival of a firm. This is particularly true for Indonesian audio firm Noice. Think you’re having déjà vu? You’re absolutely right. Last week, we [discussed at length]( about Noice’s rivalry with Spotify in Indonesia. In this week’s Big Story, my colleague Shadine goes even deeper to answer the key question of whether Noice can overcome its biggest hurdle: monetization. Several other podcast firms have tried their hand at earning cash in the past, but they’ve mostly tried and failed. For instance, the Indonesian forum Kaskus [discontinued]( its podcast streaming service last year, after three years in the game. Vietnam’s Waves is another streaming platform that [shut shop]( in 2020, within months [after it raised]( US$1.2 million in seed funding. Noice has so far relied on advertising for revenue, but it’s now planning to deploy a new creator-driven monetization strategy. As the Indonesian podcasting firm looks to implement its plan by the end of the year, Shadine draws a detailed analysis of the strategy’s pros and cons. The Gojek-backed firm is counting on its hyperlocal approach to tap into the market and is armed with an arsenal of rich content, spanning from audiobooks to livestreams. But will it be enough? Speaking of financial health, my colleague Nikita analyzes how the healthtech space is moving toward specialized care with the help of investors. Read more in this week’s Making Waves. -- Kul Bhushan PS: Given the recent spate of layoffs in Asia’s tech sector, we’ve unlocked our [hiring tracker]( to give you a better view of the current landscape.  --------------------------------------------------------------- THE BIG STORY [Gojek-backed audio firm plays cashy tune]( VC-backed Noice plans to adopt a creator-driven revenue model by the end of 2022. Will it succeed in an industry plagued with monetization woes?  --------------------------------------------------------------- MAKING WAVES Specialized healthtech firms boom as telehealth gets lost in the noise Here’s what happened: - Telehealth firms outnumber other healthtech startups in Southeast Asia. - Non-telehealth platforms have seen a recent uptick in funding. - Telehealth-first platforms could pivot into specialized care to stay ahead. Here’s our take: Did it start with a barista at Starbucks yelling out our names? I don’t remember anymore, but the idea of personalization and customization that goes beyond writing a name on a coffee cup has trickled into just about everything. A glance at [Southeast Asia’s healthtech landscape]( shows that the largest concentration of companies are those in the telehealth space. But as trends shift toward personalized options for pretty much everything, the generalized approach to healthcare could see a shift. While startups specializing in specific areas – like mental health or women’s health – are coming up fast and furious, investment trends and overall sentiment also seem to be changing. For instance, in 2021, while funding for healthcare shot up, the influx of cash [wasn’t focused on telehealth](. Healthcare funding touched US$97.1 billion in the third quarter and made up 22% of the capital raised in the year. And with the exception of one company, which raised US$400 million, the majority of the funding went into biotech and drug development. A narrower focus on what constitutes healthtech brings up a more conservative estimate of US$29.1 billion in funding in 2021, [according to a Deloitte report](. The report also plays up “modularized” components in healthtech as the way forward - like a standalone diabetes-management app for telehealth platforms. As predictions of the Covid-19 pandemic entering [an endemic phase make headlines]( telehealth isn’t the shining star it once appeared to be. It’s in the same boat as edtech – all that once glittered doesn’t look like gold now that offline learning is back on the cards particularly in [markets like India]( [and Indonesia](. This explains the US telehealth giant [Teladoc’s stock turbulence](. Increased competition in the telehealth space in particular has also “created noise in the marketplace," [says Teladoc CEO Jason Gorevic](. He expects this noise “to persist" in the near future. And while competition is always good for the industry, it’d be easy to get lost in a market with several competitors. Specialized healthtech investments are on the rise: In the last 24 months, out of 71 deals led by the top 20 investors in Southeast Asia’s healthtech space, 55 have been in non-generalized healthtech platforms, [according to Tech in Asia’s database](. [Malaysian firm Naluri]( which focuses on mental health alongside chronic issues, and [Singapore-based Ordinary Folks]( which has different platforms to cater to men and women, are among the latest specialized startups to raise funding. Femtech in particular [seems to be having its own movement]( in Asia. While some of us log onto [mental health startups]( and [count our steps for health and cash]( others are looking at healthtech as [a means of cheating death]( and backing anti-aging firms. Investors know that when you throw mud on the walls, some of it is likely to stick. Might as well get as many walls as possible. – Nikita  --------------------------------------------------------------- FYI [Adam Neumann’s Flowcarbon: Another WeWork in the making?]( WeWork co-founders Adam and Rebekah Neumann want to fight climate change with their new venture. This Tech in Asia story dives into how investors are betting on Adam’s sales prowess over his past antics.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ Indian edtech firm BrightChamps plans to [spend US$100 million]( on acquiring companies. It is also betting big on its Southeast Asia foray, as the region brings in nearly 50% of its total revenue. 2️⃣ Indonesian logistics startup Deliveree has [raised US$70 million]( in a series C round led by SPIL Ventures to enter new sectors and expand its services to launch containerized cargo solutions. The company claims its gross transaction value grew by 3.2x over the last 24 months, and it is on track to exceed US$100 million by the end of 2022. 3️⃣ Hong Kong-based social commerce firm SleekFlow has [secured US$8 million]( in a Tiger Global-led round to expand its presence in Southeast Asia. The company says its revenue has grown 500% since its pre-series A capital raise from Alibaba Hong Kong Entrepreneurs Fund last year. 4️⃣ Spry, a software-as-a-service platform for therapists, has raised [fresh funds]( from Eight Roads Ventures and other investors to set up a practice management tool for physical rehabilitation. The one-year-old startup is also looking to increase its staff in India and the US, especially in engineering and go-to-market departments.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you next week! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. 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