Aaqua swamped with layoffs, a lawsuit, and product launch delays

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Hi there,

I recently came across a social media post arguing that, as the funding winter intensifies, we would likely see more stories about deep-rooted troubles in many startups. I couldn’t agree more with this, as each day brings with it another story of a startup riddled with red flags.

Tech in Asia stories such as the crisis at PayMongo, the shake-up at Sequoia-backed AI firm Rudder, and Euda Health’s dubious US$583 million SPAC valuation are some recent examples from Southeast Asia.

Today’s Big Story by my colleagues Tian Wen and Terence investigates another startup.

Singapore-based social media firm Aaqua has laid off most of its over 180 staff members. The company’s founder, Robert Bonnier, is in a legal battle with a key investor over fraud allegations, with the latter claiming that Bonnier lied that Apple and LVMH were Aaqua’s founding partners.

But what’s also concerning is that the company hasn’t publicly launched a single product even after having spent millions in the two years since it began. However, a company spokesperson cites the lawsuit as the reason for the delay in the launch of its version 2.0 product.

The story is still developing, with more updates expected.

Aside from Aaqua’s troubles, I couldn’t help but think about the startup’s name, which seems apt for a mineral water brand or an agritech firm. Which brings me to the Making Waves article I pieced together on the rise in funding in Indonesia’s agritech startups. Not only has the number of funding deals grown, but the size of the rounds have increased as well. Join me as I explore what’s driving investors to pump more funds into the sector.

— Collin

THE BIG STORY

Startup allegedly lied about Apple, LVMH investment; axed most of its staff

Image credit: Timmy Loen

The CEO of Singapore-based Aaqua also came under fire for berating an employee in a virtual forum.

MAKING WAVES

Investors eye Indonesia’s agritech harvest

FYI

NEWS YOU SHOULD KNOW