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In focus
- Funding winter pushes Indonesian startups to look to the Gulf
- Una Brands restructures portfolio as revenue falls in 2024
- These companies raised the most in Indonesia’s tech scene over the past decade
Hello reader,
Even journalists covering the startup industry have started feeling the bite of the funding winter. I used to get a daily flood of press releases about new funding rounds. Over the past few years, though, fewer and fewer funding-related announcements have landed in my inbox.
Today, many startups choose to stay silent after securing funds, opting not to share the news with the media. I think this reflects a broader shift in mindset among founders: Working hard to achieve profitability now matters more than gaining exposure for fundraising.
In this environment, many Indonesian startups are thinking creatively about how to reach their next phase of growth. One strategy is expanding into markets seen as more profitable, like the Middle East.
Several conversational AI companies, including Kata.ai and Mimin, as well as IoT firm TaggIoT, are eyeing entry into the Gulf. Kata.ai broke into Dubai last year and said contract values in the city are far larger than those in Indonesia.
In today’s top story, I unpack the expansion plans of Indonesian companies targeting the region. Why is the Middle East more attractive? Why not China, or even neighboring countries in Southeast Asia? Read it to find out.
Meanwhile, my colleague Miguel takes a closer look at the 2024 earnings of Una Brands. The Singapore-based ecommerce roll-up firm saw a sharp revenue drop, but it also narrowed its loss before taxes.
That mixed bag of results came about as the company restructured its brand portfolio, slowed its acquisitions, and focused on reining in costs. Dive into the story for the details.
Jofie Yordan, journalist
Top Stories
1️⃣ Indonesian startups chasing growth test waters in the Gulf
Burj Khalifa in Dubai, UAE / Photo credit: frantic00 / Shutterstock
The Middle East is pushing aggressively to diversify its economies away from oil, steering them toward finance and tech. Many government programs offer funding for tech companies, particularly in AI.
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