Temasek startups struggle as employees depart, losses mount

This week’s On the Rise delves into the problems at Temasek’s startups, the legal drama at Mintable, and a gaming-focused VC firm. [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](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - Temasek hits some [speed bumps on the road to building startups]( - The [legal drama]( at NFT platform Mintable - A Singapore [VC firm’s gaming strategy]( Hello {NAME} , Some of my hot takes on technology over the years have been … well, just embarrassing. I thought American Online (AOL) was the future. I thought the iPhone was just a toy that no professional was ever going to take seriously. I even thought Facebook was going to be beneficial to society. It’s tough to judge how successful a technology is going to be, and it’s only gotten tougher over the years. To understand how difficult it can be, just look at Temasek. When Singapore’s state-owned investment firm decided to get into the startup game in 2020, it [chose firms]( that it thought would perform well over time. But three years later, some of those startups aren’t doing so well due to growing losses and issues with market fit, among other reasons. For our first Big Story this week, my colleague Collin takes a look at three of Temasek’s ventures - GoodWorker, Trustana, and Affinidi - and examines what went wrong. Our second Big Story is on Mintable, the Mark Cuban-backed NFT platform. This story isn’t so much about picking the right technology as it is about what happens when the management can’t work together. This is a long read, so find a comfy spot and dive into the legal drama at a company that was once touted as “the next big thing” in crypto. And finally, we zoom in on Singapore VC firm Round Ventures’ unique approach to spotting the next hit game in this week’s Making Waves. -- Scott  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Staff departures, write-offs at Temasek startups uncover deeper issues]( Three years after Temasek decided to start building its own companies, three of the investment firms' startups are in trouble. GoodWorker has shuttered, while Trustana and Affinidi have lost a large number of staff. 2️⃣ [Chaos at Mark Cuban-backed NFT startup after founders, directors lock legal horns]( A legal brawl between Mintable’s CEO Zach Burks and his board of directors turned ugly earlier this year, with the parties hurling startling accusations that ranged from unauthorized crypto transactions to an attempted “coup.”  --------------------------------------------------------------- MAKING WAVES [A Singapore VC firm’s unique approach to finding next gaming goldmine]( Not so long ago, playing video games before their launch date was a privilege given only to a lucky few. Today, not only will companies let you play their games ahead of release, but they’ll also pay for your opinion about the storyline and artwork. This is the idea behind G.Round, and the response so far has been huge. In exchange for 30 minutes of play time, gamers provided an average of 700 to 800 reviews per title. This insight into what gamers think helps Singapore-based Round Ventures, G.Round’s sister company, further develop the games and assess investment opportunities. Now, Round Ventures aims to raise US$80 million to fund early-stage gaming startups, identifying potential investments using gamer-sourced data. The VC firm plans to issue its first check in 2024.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Cake Group co-founders battle it out]( CTO U-Zyn Chau has applied to the Singapore courts to force a compulsory winding up of the company, much to the chagrin of CEO Julian Hosp, who says that Cake Group has no debt and is operating normally. 2️⃣ [Ex-Temasek execs join new AI startup]( Resaro.ai has hired two former Temasek executives to fill key roles. April Chin is the startup’s latest partner and director of strategic partnerships while Wendy Wan has been appointed as people manager. 3️⃣ [Binance withdraws Abu Dhabi license bid]( The platform has dropped its application for an Abu Dhabi crypto license as it reassesses its global structure. 4️⃣ [Japanese gaming company gets boost from Animoca]( Entertainment and gaming startup Gacha Monsters has raised US$3 million in a seed round led by Animoca Brands. The Japan-based firm will use the money to create and distribute video games, anime, comics, and physical merchandise. 5️⃣ [Nvidia to partner with Malaysia's YTL Power]( The US chipmaking giant is working with the local conglomerate to develop the country's AI infrastructure under a US$4.3 billion investment deal.  --------------------------------------------------------------- FYI 1️⃣ [Indian agritech firm plows into profits with retail investor backing]( Zetta Farms is eyeing a revenue of US$50 million in FYE 2024, which would be a 7x surge from its preceding year's earnings. 2️⃣ [Clash of the cuppas in SEA as China’s Luckin enters the scene]( Fore Coffee and Kopi Kenangan both expanded regionally this year. Can they avoid Flash Coffee’s fate while competing with Chinese giants? 3️⃣ [European Union strikes deal to regulate ChatGPT, AI tech in landmark act]( These measures are poised to become the most comprehensive regulation of AI in the Western world.  --------------------------------------------------------------- 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 soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( 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. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. 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