Upturn’s acceleration into venture building

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Hello reader,

Nothing in life really stays the same. As humans, we’re living, breathing, and evolving creatures – I’m definitely not the same person I was 10 years ago even if some core elements may be similar, and I’m sure that goes the same for you.

Companies are also experiencing constant changes. Businesses are always adapting to market shifts, dealing with new customer demands, exploring different opportunities, and pivoting for greater growth.

Just look at some of the major tech firms in the region like Grab and GoTo Group – they’re a lot different from how they were at launch.

One company that’s currently undergoing a significant transformation is Upturn, a strategic management services firm in Indonesia. Aside from one of its co-founders leaving, the company is also shifting its focus away from running an accelerator program toward venture building.

Today we look at:

• Upturn’s venture building ambitions
• A Singapore-based edtech firm that’s raised cash
• Other newsy highlights such as Grab’s growing revenue and SCBX calling off its acquisition of Bitkub

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Making some adjustments

Image credit: Timmy Loen

Companies, like people, are always changing. Here’s what’s been in the winds for Upturn since it first emerged in the startup scene earlier this year.

• Accelerate and grow: In early 2022, Upturn – then called Tunnelrate – positioned itself as the operator of the Upturn Scale accelerator program. Its first batch saw 14 graduates, which include Flash Campus, Cari Mobil, Bintang Kecil, and Belajar Lagi.
• Something different: However, the firm has since rebranded and is now veering toward a venture builder approach. It aims to invest at the very early stages of a startup’s journey and provide it with capital, day-to-day operational support, and access to Upturn founders’ know-how and network.
• In the works: The company is also looking to set up a venture fund, though it has yet to set up an entity or make any investments. However, there are plans to create a microfund of less than US$10 million, which will look to support pre-seed or seed companies in Indonesia with investments worth around US$100,000 to US$150,000.

Read more: Indonesia’s Upturn parts ways with founder, shifts to venture builder model

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