KeaBabies plays in VC-less playground

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In focus

• KeaBabies walks its own VC-less path
• Vietnam gets serious with blockchain
• Silently surfing the net with wearables

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Hello reader,

For most founders, the endgame is the exit. A blockbuster IPO or high-profile acquisition is seen as the ultimate prize.

But what if the goal isn’t to build something you can sell, but something you can never imagine leaving?

That’s the philosophy driving Ivan Ong and Jane Neo, the husband-and-wife team behind KeaBabies. After growing their bootstrapped brand from an initial US$30,000 investment to US$76 million in revenue, they have zero plans to go public.

In our interview, Ong refers to the company as his “third son,” viewing it not as a financial vehicle but as a legacy to be nurtured for generations.

This long-term mindset shapes every decision, from turning down VCs to obsessing over product quality. It’s a counter-narrative to the “growth-at-all-costs” mentality that dominates the startup world (admittedly more so before than now).

Meanwhile, this edition also presents a story from our sister publication The Business Times. It focuses on Vietnam’s push into blockchain tech, a move that has been highly anticipated given the country’s track record with Web3 hits like Axie Infinity.

It’s a surprising shift for a government that had long been skeptical of digital assets. But it looks like Vietnam is pulling out all the stops to cement its lead in the global Web3 race.

Miguel Cordon, journalist

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Top Stories

1️⃣ KeaBabies clocks seven years of profit – without a cent from VCs

The bootstrapped KeaBabies achieved significant growth in 2024, with revenue climbing 46.5% year on year to US$76 million.

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