2023

NUS News

A start-up catalysing waste reduction for positive sustainability impact. An innovative venture that manufactures body-assistive apparel using patented fabric-based air-spring technology to reduce muscle effort and potential injury when doing physical work. A research-based company that collects and transforms organic waste from farmers into an array of sustainable alternative materials.

These were the NUS-affiliated start-ups recognised for making significant environmental, social or sustainability-related impacts at the iGnite Award, organised by Alpha JWC Ventures in partnership with NUS Enterprise. The iGnite Award is the flagship start-up support programme of Alpha JWC Ventures, designed to nurture the next generation of impact-driven founders. Through their partnership with NUS, the award now extends its support to recognise and empower promising early-stage impact start-ups affiliated with NUS, enabling them to create a lasting positive impact on communities.

… six start-ups advanced to the grand finals on 26 July 2023, where they presented their transformative solutions to a distinguished panel of judges representing pioneers in the start-up space: Mr Brian Koh, Director of Ecosystem Development, NUS Enterprise; Mr Jefrey Joe, Managing Partner, Alpha JWC Ventures; and Mr James Tan, Chairman, Action Community for Entrepreneurship (ACE).

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The Business Times

The startup he is CEO of, treatsure, has matured in tandem. By the company’s estimates, the platform has collectively saved 50 tonnes of food from waste and reached 80,000 users locally.

From its initial “buffet-in-a-box” concept that enabled users to pay for a box of excess food from hotel buffets, the app ventured into surplus grocery distribution, and now runs a concept store in the middle of the central business district that offers a range of sustainability experiences and education.

But at its core, little has changed, said Wong, now 34. “Our mission is still to get everyone to treat food as treasure.”

This steady growth has affirmed their choice to tackle food waste via a sustainable business model that offers consumers and businesses alike incentives, rather than one that relies on donations or goodwill offerings.

So far, treatsure has raised funding from venture capital firm Quest Ventures and raiSE Singapore. It is actively pitching for a new round of investors.

“In this part of the world, we’ve seen less funding going towards tech startups in the food waste sustainability space. The focus has traditionally been on agritech, alternative protein and vertical farms,” said Wong.

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Lianhe Zaobao

位处欧亚大陆的广袤草原国度，哈萨克斯坦是新加坡在中亚最大的贸易伙伴，去年双边商品贸易总额为4亿1230万元。根据新加坡企业发展局资料，目前有超过30家我国公司在当地设有实体办事处。本期《商游四海》聚焦哈萨克斯坦的商机，看看这个中亚最大经济体，能为新加坡商家带来哪些机遇。

（求索创投）成立于2011年，获包括新加坡和哈萨克斯坦主权财富基金的支持。

我们决定投资哈萨克斯坦前，比较了邻近的乌兹别克斯坦、土库曼斯坦和阿塞拜疆，哈萨克斯坦具备了我们须要的所有条件。

我们在那里在三年内，投资了30多家公司，是投最多公司 的风投。加上其他风投的投资项目，有足够的量吸引投资成熟 项目的资金进来。

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Ministry of Trade and Industry, Singapore

Singapore and Vietnam are among the top three start-up eco-systems in Southeast Asia. With our common goal of driving further economic growth through technology and innovation, there is scope for Singapore and Vietnam to tap on each other’s innovation eco-systems for partners, funding and talent.

Our collaboration in innovation has gained momentum through (i) BLOCK71 Saigon, a joint collaboration between the National University of Singapore (NUS) and Vietnam’s Becamex IDC, which is home to more than 1,000 startups, incubators, and accelerators since 2011; and (ii) the Global Innovation Alliance (GIA) node in Ho Chi Minh City, where Enterprise Singapore partnered Saigon Innovation Hub (SIHUB) and Quest Ventures to facilitate start-up exchanges between both countries.

In December 2022, Singapore’s Ministry of Trade and Industry and Vietnam’s National Innovation Centre (NIC) signed an Innovation Work Group MOU to connect innovation eco-systems between Singapore and Vietnam. I am happy to see that NIC is signing MOUs with several Singapore Institutes of Higher Learning and corporates like UOB and Keppel later to foster closer partnerships between both sides.

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TechNode Global

ApartX, a Quest Ventures-backed property technology startup focused on rental property management, has on Wednesday announced that it had secured seed funding of $250,000 from Kazakhstan-based Big Sky Capital and Activat VC.

The seed funding will be used to drive talent acquisition, improve platform functionality, and expansion into new regions such as Southeast Asia, ApartX said in a statement.

Prior to this round of funding, ApartX was backed by Singapore-based venture capital firm Quest Ventures as part of the world-class Kazakhstan Digital Accelerator which was managed in conjunction with Qazakhstan Investment Corporation, the sovereign wealth fund of Kazakhstan.

“We are delighted with the results that ApartX has seen in Central Asia and look forward to supporting its continued growth,” said James Tan, Managing Partner at Quest Ventures.

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CNBC

Southeast Asia’s digital economy has plenty of growth potential, backed by strong fundamentals including over 460 million digital consumers, young and tech-savvy populations, as well as rising internet penetration.

The digital economy across six countries within the Association of Southeast Asian Nations bloc — known as ASEAN-6 and comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — is projected to grow 6% annually.

“Regulations often lag behind innovation and there has to be new, effective laws to areas like data and privacy protection as the landscape evolves,” said James Tan, managing partner at Singapore-based venture capital firm Quest Ventures.

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Ministry of Trade & Industry, Singapore

Singapore’s commercial interests in Kazakhstan are in the master-planning, logistics and connectivity, innovation, consumer goods, infrastructure, as well as the oil and gas sectors. Notable Singapore companies that have undertaken activities in Kazakhstan include:

Quest Ventures is backed by the Kazakhstan sovereign wealth fund – Qazaqstan Investment Corporation (QIC formerly known as QazTech Ventures). QIC’s investment into Quest Ventures saw the catalytic development of the Central Asia startup and innovation ecosystem with Kazakhstan at its node. Through direct investments and programmes such as the Kazakhstan Digital Accelerator (a comprehensive programme with seed funding jointly developed by QIC and Quest Ventures), Quest Ventures is currently Central Asia’s largest and most active investor by number of investments made.

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Lianhe Zaobao

农业科技起步公司Fefifo的创办人方家豪和苏启文虽然是科技行业背景，过去对农业行业了解不多，但他们相信凭借所累积的创业和科技领域经验，能通过“共享农场”（co-farm）方式，让小农民更可持续地耕种。

他们一人是数码多媒体公司创办人，一人曾是新加坡政府投资公司（GIC）的科技专才。两人没有耕种农业背景或经验，却联合创立了Fefifo这家农业科技起步开公司。

Fefifo至今共筹集了310万美元（414万新元），投资者包括本地创投公司求索创投（Quest Ventures）、马来西亚RHL Ventures，以及韩国KB Investment等。公司也正展开新一轮的700万美元集资。这笔资金将有助于公司扩展他们在马来西亚的共享农场与数码化农业合同的商业产品，并进入印度尼西亚市场。

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New Straits Times

HOMA2U, a Malaysian online marketplace for home improvement and interior design supplies, revealed that it has secured US$875,000 (RM 3.87 million) in its pre-series A funding.

The investment round was led by Quest Ventures Asia Fund II, an early-stage venture capital fund managed by Quest Ventures Pte Ltd, a leading Singapore-based venture capital firm. This is Quest Ventures Asia Fund II’s second cheque for Homa2U.

Worldwide Management Solutions and Qhazanah Sabah Berhad (QSB) are also participants in the investment round.

The construction and renovation industry is quickly adopting circular economy concepts that emphasise sustainability standards and optimal usage of natural resources.

By integrating environmentally friendly practices and social responsibility into their business offerings, Homa2U hopes to set new standards in design and sustainability, helping more individuals and businesses bolster strategies to achieve net zero carbon emission targets.

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Alejandro Cremades

James Tan has gone from startup founder to operating an $80M venture capital fund to fuel the growth of other early-stage ventures today. Now on his third fund, he’s already helped create four unicorn companies.

On the Dealmakers Podcast, Tan talks about being on both sides of the table, investing in over a hundred companies, building marketplace businesses, network effects, being ruthless when going against the competition, and as an entrepreneur.

Plus, going public, when you need to exit your company, and what he is looking to fund now.

After successfully launching and exiting his first company, James Tan went on to take his second venture public on the NASDAQ.

Going public and especially listing on the NASDAQ may well be the big dream of many entrepreneurs. Though for James, it was also very much about seeing the right timing to exit your company and move on.

He says that “many entrepreneurs fail to understand that there is a window of opportunity when the industry that you’re in and the company that you’re doing can be well understood and well covered by the market at large.”

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