No ‘moonshot’ bets for this climate tech-focused VC

More: Indian third-party logistics firms are poised for a 6x to 8x leap in shipments, and Investree is set for a US$230 million series D round. [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 spotlight: - [The investing strategy of climate tech-focused VC firm Trirec]( - Zoomcar getting closer to the public listing finishing line - Other newsy highlights such as a big leap in shipments for third-party logistics players in India and Indonesian online lending company Investree’s US$230 million series D raise --------------------------------------------------------------- Hello {NAME} Do you gamble? It doesn’t even have to be in a classic form like card games in a casino or buying lottery tickets - it can be in your work, your relationships, or your hobbies. I have to admit that I dabble a bit in basketball card breaks. Put very simply, purchasing boxes of cards to rip open yourself is expensive, so people buy into “breaks,” where they choose the cards of a specific player or team to buy before a box is opened. The downside is that the box may not have any of the ones you selected. You’d have basically paid for nothing. I’m relatively new to the hobby, so the last couple of months have been about fine-tuning my spending and making sure I can keep within a budget while still having my fun. For VC firm Trirec, there’s no gambling involved. Instead of “moonshot” efforts such as nuclear energy, it focuses on firms that help traditional industries become more efficient. Read on to find out more about the firm’s investment philosophy. -- Winston  ---------------------------------------------------------------  THE BIG STORY [SG’s first climate tech investor on moonshots, AI, and lessons learned]( Trirec is raising up to US$450 million across two funds, with one focusing on early-stage investments and the other on late-stage firms. --------------------------------------------------------------- TRENDING NEWS [GudangAda’s revenue soared 10x in 2022 but profit remains elusive]( While the B2B ecommerce firm recorded US$50 million in revenue, loss for the year widened to US$33 million. [Indonesia’s Investree nets up to $231m in series D, enters Middle East]( The online lender has set up a joint venture in Qatar with JTA International Holding, which also leads the funding round. [Zoomcar expects SPAC deal to close in Q4 this year]( The combined company will be renamed Zoomcar Holdings and will trade on the Nasdaq under “ZCAR.” [India’s third-party logistics shipments may soar 8x by 2030: report]( The growth is tied to the burgeoning demand for ecommerce products in smaller cities in India, according to a report by research firm Redseer. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Grab + Foodpanda=food delivery market dominance]( Grab is already the dominant player in several key markets in the region and snapping up its competitor’s business would be the icing on top. ---------------------------------------------------------------  AN EXCLUSIVE GATHERING OF APAC’S FINEST LEADERS Get a ticket to this networking mixer on November 14 As Singapore establishes itself as a global financial hub, Tech in Asia and Airwallex are putting together an evening for senior strategy, growth, product, and payment leaders to unwind and connect. Join fellow decision-makers and industry peers on November 14 and soak up Singapore’s cityscapes from Honcho’s scenic rooftop bar. You’ll be in for a relaxed and casual mixer with fun drinks and light bites - all refreshments are on the house! Level up your payment game at this unmissable event while linking up with experts from Red Dot Payment and more (to be revealed soon!) to get the inside scoop and helpful tips. [Get your ticket]( to this invite-only event and build lasting connections. Slots are limited, so secure yours NOW! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia Conference]( from October 18 to October 19 Do you see the light at the end of this funding winter’s tunnel? We do, and we believe Southeast Asia is that very light. That’s why this year’s Tech in Asia conference’s theme is Southeast Asia: A Bright Spot in the Tech World - signaling how the region can provide hope and guidance for the tech sector amid some troubling times. Hosted in Jakarta from October 18 to October 19, we’re excited to bring you a great lineup of speakers, thought-provoking sessions, and other activities. Click [here]( to get your limited first-release tickets. - [AD] [Sip ‘n’ Discuss Sunset: Exclusive Event for Succesful Marketing Leaders]( on 23 November Join SpinX for a fun yet exclusive after-work Thursday sunset session full of marketing wisdom and poolside drinks, tailor-made for marketing leaders. Click [here]( - [AD] [StartmeupHK Festival]( on November 8 to 17 Any industry conference worth its salt would feature experts in their respective fields sharing the latest insights. This year’s StartmeupHK Festival features a wide range of speakers across different industries. Attendees can look forward to thought-provoking discussions from the likes of Eric Huang, managing director of Paradigm Venture Partners; Joyce Lee, general manager for Taiwan at Moderna; Marina Domracheva, founder and CEO of 3D Predict; Jirayut (Topp) Srupsrisopa, founder and group CEO of Bitkub Capital Group; and Alex Xu, CEO of MultiMetaVerse. Find out more about their sessions and get your ticket by visiting the festival’s [website](. - [Tech in Asia x Airwallex - Exclusive Mixer]( Mingle with APAC's Payment and Growth Leaders on November 14 Meet and connect with your peers at Exclusive Mixer: Mingle with APAC's Payment and Growth Leaders, an invite-only networking event on November 14 co-hosted by Tech in Asia and Airwallex. This isn’t your run-off-the-mill corporate event. It’s a gathering of forward-thinkers across Asia Pacific and anyone eager to discover best practices in optimizing and streamlining payment journeys at scale. Grab drinks and light bites while soaking up Singapore’s cityscapes from Honcho’s rooftop bar as you mingle. Come hang out and unwind at this relaxed and casual mixer - all refreshments are on the house! [Get your ticket]( to this closed-door event and build lasting connections. Slots are limited so secure yours NOW! - [Brushstrokes to Success]( Design a Solid Growth Plan for 2024 on November 16 Join senior business leaders and decision-makers at the upcoming “Brushstrokes to Success: Design a Solid Growth Plan for 2024.” Co-hosted by Tech in Asia and G-P, this exclusive event will be held at Bridge+ on November 16. This goes beyond the typical corporate gathering by providing a space where forward thinkers can challenge themselves and explore best practices for scaling businesses from creative and analytical perspectives. Gain and exchange insights with our panelists from Aspire, 2C2P, and G-P in an open Q&A session. Over light bites and drinks, we’ll also go through an exciting agenda that includes quizzes, modern calligraphy, networking and more. Don’t miss this opportunity to revolutionize your business approach and make meaningful connections. [Get your tickets for this closed-door event NOW]( before they’re all snatched up! ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this]( page](. Our team will get back to you by the next business day. - stan - [500 Global-backed Blockchain App [stan] Launches Fully Integrated in-app NFT Marketplace]( South Korea-based Blockchain Artist-to-Fan Startup [stan] Launches Fully Integrated in-app NFT Marketplace and Announces Next Stage of Growth - Cignal TV - [UAAP now available to Filipinos worldwide on Pilipinas Live]( 86 “Fueling the Future” shall be made available in the Philippines and around the world through Pilipinas Live. - VNETWORK - [VNETWORK and Scantist Forge Synergistic Alliance to Bridge Cybersecurity Gap]( VNETWORK & Scantist unite for cybersecurity synergy at ICE71, bridging 'Shift-right' & 'Shift-left' perspectives to bolster cyber resilience. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Solution Architect]( at Paramatech Jakarta, Indonesia - [Vice President, Go-to-Market (GTM), IoT/OT Cybersecurity]( at Microsec Singapore, Singapore - [Senior Software Engineer (Frontend)]( at Tech in Asia Jakarta, Indonesia - [B2B Marketing Executive]( at Workmate Jakarta, Indonesia - [Back End Developer]( at Scout.inc Jakarta, Indonesia - [Cyber Security Engineer]( at Tunaiku Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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