Hi everyone. Taro here.
I recently went on a short weekend trip to Bali for a bit of a refresher, and returned with a case of the infamous Bali Belly. The next few days were hellish and I would not wish the experience upon anyone. On the bright side I lost some weight and ate a lot more fruit than usual to recover so my vitamin C levels skyrocketed. Always positives in life!
With tech companies under scrutiny and layoffs happening almost non-stop at the moment, one area that also needs to be looked at closely is the health of VCs. Some funds may not be able to raise as much as they were previously able to — or at all — which may result in some companies closing down. Others have deployed capital quickly and at a high price, so they are now stuck with portfolios with sinking value. What the industry is expecting this year is still a big question mark.
This week, we look at the APAC startup that took part in the AD Stretch Accelerator Program run by Avery Dennison.
CollectID – Uses unique NFC tags to allow customers verify product authenticity via their smartphone. The collectID app utilises blockchain technology to keep track of their items and transfer ownership.
FL Technology – The China-based company has developed a nanomaterial solution that reduces the growth of bacteria on fruits and vegetables, increasing shelf life and reducing food waste.
Makegrowlab – Developed compostable and plastic-free materials to be used for sustainable packaging. Its materials are made up of nano-fibers grown by microbes.
Varcode – Helps companies monitor temperatures of perishable products while being transported. They have created a solution called Smart Tag that uses a barcode that changes dynamically depending on the temperature, to provide accurate data when scanned. Industries such as F&B and pharmaceuticals can benefit hugely from this technology.
Wastelabs – Its AI platform is used to manage logistics of waste collection to increase efficiency and reduce costs. With recycling costs made up by the collection process, the platform can help make sustainability much more affordable.
Nothing But Net
Recent Startup Wins
- Indonesian agritech startup Eden Farm successfully closed a USD 13.5m in a Pre-Series B round led by TMI.
- Cross-border payment startup Tazapay closed a USD 16.9m Series A round led by Sequoia Capital Southeast Asia.
- Supply chain financing startup Pilon takes a positive next step with a seed round of USD 2.5m, led by Wavemaker Partners.
Pick & Roll
Interesting Drops From the Week
- Google’s answer to ChatGPT, Bard, made a horrific start to its launch with an ad showing it answering a question about the James Webb space telescope incorrectly. With the sheer volume of products that are launched then shut down by Google, this might be gone in three years as well. [via The Guardian]
- US band Nickelback is seemingly derided across the globe, but why? This article goes into a deep statistical analysis into why it might be the case. [via Stat Significant]
- Tech layoffs are everywhere at the moment and it can be a very difficult period for those affected. This article covers life after being laid off in tech in a very real way. [via Steven Buccini]
- An interesting new term I learnt recently is design onanism, when features are added for the self-interest of the designer rather than the benefit of the user or functionality. [via @nickstamas]
If you are a startup that is raising funds, or have an interesting story or lead for us to feature in this newsletter, please fill out this form.