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Hi there,
I attended eFishery’s first loan deal press conference in Jakarta three years ago. In the event, the aquatech firm announced that it had secured a US$32 million loan from DBS Indonesia.
At the time, eFishery was on the rise. Many in the industry admired its founder and CEO, Gibran Huzaifah. I still remember people lining up to take photos with him after a different conference in Jakarta.
What has happened to the company recently is shocking. It’s a blow to the startup industry as a whole, especially as funding is expected to become even harder to secure.
Banks that have been actively lending to startups may tighten their due diligence or loan requirements. Besides DBS, HSBC has also been providing startup loans through its US$1 billion ASEAN Growth Fund.
Even if eFishery’s issues won’t completely dry up bank funding, startups will likely have more to prove to secure those funds.
— Jofie Yordan, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1. EFishery’s woes push banks to rethink startup loans
The aquatech firm’s fall is exactly what risk-averse banks fear. But it may not turn them off from startups – for now.
2. VinFast’s reliance on GSM for growth faces uncertainty
Green and Smart Mobility’s influence in the EV sector is falling as Vietnam’s taxis slowly become fully electrified.
3. GCL takes its game to Nasdaq – can it win over US investors?
The Singapore-headquartered video game publisher is off to a rocky start on the Nasdaq, but it’s powering up through global partnerships.
4. Asia’s founderless unicorns struggle to fly in tech winter
A majority of these unicorns have seen their valuations clipped after their founders’ exits.
5. TreeDots sees strong 2023 revenue growth powering into 2024
Co-founder Tylor Jong tells Tech in Asia that the food waste management company was EBITDA positive as of the third quarter of 2024.
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