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Spotlighting Castlery’s growing pains

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techinasia.com

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newsletter@techinasia.com

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Mon, Apr 17, 2023 11:31 PM

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More: Bukalapak got slapped with $7.3m court fine in an office project lawsuit and Q1 startup fundin

More: Bukalapak got slapped with $7.3m court fine in an office project lawsuit and Q1 startup funding shrinks 49% in Vietnam. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [How Castlery booked losses even as revenue tripled]( - Why Motion Ventures, a Singaporean VC firm, bets on maritime startups - Other newsy highlights such as Vietnam’s shrinking startup funding and Bukalapak being slapped with a US $7.3 million court fine in an office project lawsuit --------------------------------------------------------------- Hello {NAME} Expansion is a risky business with potentially great rewards. Companies need to pull off a delicate balancing act to establish themselves in a new market or segment. For example, Singapore-based Castlery successfully navigated local nuances to cement a place in the lucrative US market. However, the firm’s period of transition and global expansion has come at a cost. Despite tripling revenue during its 2022 financial year, the firm reported a US$9 million loss before income tax. In today’s featured piece, my colleague Jofie breaks down the numbers from Castlery’s FY 2022 financial statements and uncovers how the company’s significant expansion in the US - its biggest market - has weighed on its bottom line. Further, the premium story gathers key insights from Castlery co-founder and president Declan Ee on the firm’s profitability targets and how the shift in its financial reporting to a March year-end has played a vital role in accentuating losses. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Castlery’s FY22 revenue triples, but reports loss due to heavy investments in the US]( The Singapore-based furniture firm generated US$57 million in revenue from the US, which is now its largest market. --------------------------------------------------------------- TRENDING NEWS [Court slaps $7.3m fine on Bukalapak in office project lawsuit]( The court said that the property development firm that Bukalapak worked with had suffered material losses for five years. [Startup funding in Vietnam shrinks 49% in Q1]( The country’s late-stage startup investments remained flat for three consecutive quarters, Tracxn reported. [Why this SG-based VC firm bets on maritime startups]( The company has recently closed its debut fund and has invested in maritime startups in the US, Europe, and Asia. [Visa partner Volopay secures major payment institution license in SG]( The fintech startup aims to make its Singapore unit profitable by as early as end-2023. ---------------------------------------------------------------  LISTICLE OF THE DAY [Meet the 15 top-funded startups and tech companies in Vietnam]( Here are the companies in Vietnam that are attracting tons of investors and have the resources to spend on software, talent, and expansion. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: MALAYSIA Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in Malaysia, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on May 23 at WIP on the Park at Marc Residence (No.3 Jalan Pinang, Kuala Lumpur 50450) from 5:30 p.m. to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Starting up doesn’t have to be a lonely journey. [Register]( for this exclusive event here today. Tickets are priced at US$12.50 per person, inclusive of light bites and one drink. Slots are limited and are available on a first come, first served basis. Thanks to our official event partners - AWS, CleverTap, Cooley, D.Camp, Sinarmas Land, Singapore Global Network (SGN), and Quest Ventures - and our community partner - WeWork - for making this meetup possible. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. [Register now]( to get 40% off (get additional discounts exclusively for TIA subscribers)! - [Tech in Asia’s Founders Meetup: Philippines]( on April 25 Our networking event, Founders Meetup: Philippines, is happening in Manila on April 25 at Draper Startup House. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Register today! - [Tech in Asia’s Founders Meetup: Malaysia on May 23]( Our networking event, Founders Meetup: Malaysia, is happening in Kuala Lumpur on May 23 at WIP on the Park at Marc Residence. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Register today! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Full-stack Web Application Developer]( at AOne Indonesia Bulk Terminal, Indonesia - [Business Development Manager]( at HashMicro Denpasar, Bali, Indonesia - [Fullstack Developer]( at OrderOnline.id Bandung, Java, Indonesia - [Senior UI/UX Designer]( at Moonlay Technology Jakarta, Indonesia - [Payroll Staff]( at Pasifik Satelit Nusantara Jakarta, Indonesia - [Associate Product Manager]( at Rakamin Academy Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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. Tech in Asia thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894

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