What is Web3? 

Web3 is the newest infrastructure of The Internet and one that is heavily linked to Blockchain Technology.

For those uninitiated, the term “Web3” was first popularised by Polkadot founder and Ethereum co-founder Gavin Wood back in 2014.

He referred to “Web3” as a “decentralized online ecosystem based on blockchain.”

It is the third generation of the World Wide Web, which is focused on decentralized and trustless systems, and aims to empower individuals to have more control over their data and online identity.

This is achieved through the use of blockchain technology, smart contracts, and decentralized apps (dApps).

Web3 intends to move away from the centralized, data-monopolizing architecture of Web2 and create a more equitable and open web.

Singapore, by and large, is an innovative country and has more often than not, shown to accept the advancement of technology.

The use of these new technologies is to improve governance, which will bring benefits to not only individuals in Singapore but also big companies and small companies.

As Web3 uses advanced technologies like blockchain to create efficiencies and reduce stalling factors, it is said to have several benefits to finance, banking, record-keeping, and many more.

Before Web3, there was Web 1.0 or “read-only” web from 1990-2004.

Web 2.0 or the “read-write” version has existed from 2004 until now. 

Web3 itself is also known as “read-write-own”. 

Web3 companies’ goals align with several factors such as decentralization, total ownership of the technology, and the scope of the technology like Artificial Intelligence (“AI”), machine learning (ML), blockchain-related, and IoT. 

“Decentralized” means instead of large swathes of the internet controlled and owned by centralized entities (i.e., like your lovely government), ownership gets distributed amongst its builders and users. 

With the internet evolving again, Singapore and Web3 go hand in hand as the country is ready for more technological growth. 

About 9cv9

With over six years of startup and business experience, and being highly involved in connecting with thousands of companies and startups, the 9cv9 team has distilled important learning points into this overview of top Web3 companies and startups in Singapore.

Given the burgeoning interest in Web3, and the increased incorporation activities of such companies in recent years, we like to highlight a few of them in this article.

If you are a fellow Web3 and would like to nominate someone, do email us at hello@9cv9.com for us to consider.

Else, if you are hiring Blockchain tech talents, do have a read at our much-acclaimed guide on the top websites to hire the best blockchain and Web3 developers.

Top Web3 companies and startups in Singapore (Updated in 2023)

1. Apollo
2. Blockchain Worx
3. Crypto.com
4. DAOFAB
5. DEFY Labs
6. Enjin
7. Gorilla Networks
8. Layer C
9. Loominate
10. Mercle
11. MetaLoka
12. MetaPals
13. Quadrant Protocol
14. Ripple
15. Switcheo Labs
16. Web3Auth

Apollo (YC W22)

Apollo is a young and dynamic company that is part of Y Combinator’s W22 cohort.

With a mission to simplify and democratize access to cutting-edge technology, Apollo is making waves in the world of decentralized finance and Web3.

They offer a platform that brings together the best of traditional finance and the innovation of decentralized technology, allowing users to access a wide range of financial services in a user-friendly and accessible way.

Utilizing blockchain technology and smart contracts, Apollo is setting a new standard for financial services and providing users with more control over their assets and data.

They recently just launched their latest product, BizFirst, a Web3 Payments & Loyalty Infrastructure for Online Merchants & Business Owners.

With a focus on security, accessibility, and user experience, Apollo is poised to play a major role in the rapidly-evolving world of decentralized finance.

Learn more about them here.

Blockchain Worx

Blockchain Worx provides integrated DeFi (decentralized finance) platforms for Fintech and Regtech (regulation technology) startups through multiple blockchain systems. 

This company creates “next-generation digital platforms and ventures” by primarily constructing costume systems on Ethereum, Hyperledger Fabric, and Quorum. 

In 2019, an investment was made by Floyd Dosta, Narayan Neelakantan, and Sumantra Naik, 2 years after it was founded. 

Blockchain Worx collaborates with famous names in technology and finance such as Oracle, PricewaterhouseCoopers, and Microsoft for Startups. 

Read more about them here.

Crypto.com 

Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded “Monaco” in 2016 and renamed the company Crypto.com in 2018. 

Crypto.com is the fastest-growing global cryptocurrency platform as it serves more than 50 million customers. 

It supports trading, staking, investing, NFTs, wallets, and more.

The company offers more than 250 different currencies along with reasonable fees and discounts for those who hold a significant stake in Crypto.com Coin or CRO.

There are pros and cons of Crypto.com. The pros are, it has an extensive list of supported cryptocurrencies, support for an ecosystem of cryptocurrency products, and transparency (competitive fees with discounts available).

The cons are they have higher fees unless users hold and use CRO, don’t provide good customer support, and the trading fee discounts can be confusing to use.

Read more about them here.

DAOFAB

Based on the company, DAOFAB’s vision is to provide businesses with transaction assurance and efficiency by leveraging programmable money.

Their mission is to create an end-to-end, non-custodial, interest-bearing digital escrow blockchain network that enables the movement of value to be more efficient, transparent, and accessible for all businesses.

With a focus on non-custodial solutions, DAOFAB aims to create a secure and user-friendly platform that streamlines the flow of value and provides businesses with greater control and visibility over their transactions.

By leveraging the latest advancements in blockchain technology, DAOFAB is poised to lead the way in transforming the traditional financial landscape and enabling businesses of all sizes to thrive in a decentralized economy.

Learn about them here.

DEFY Labs

DEFY Labs is the company behind DEFY, a move-and-earn mobile game built on the Polygon blockchain.

Immersing players in a metaverse that bridges the virtual and physical worlds, DEFY utilizes Augmented Reality (AR), algorithmically generated geolocations, and hyper-casual code-breaking gameplay that has no geographic boundaries.

Defy Labs is changing the game and helping organizations and individuals take advantage of the benefits of Web3.

Find out more about them here.

Did you know that Defy Labs use 9cv9 Blockchain and Web3 headhunting and recruitment services to hire top tech talents?

Read more about the success story of how 9cv9 helped to hire top tech talents for DEFY Labs.

Enjin 

A small, barely funded company entered the merciless game industry in 2009. Since then, Enjin has been deeply involved with the gaming industry.

Almost a decade later, the company became the biggest social gaming platform in the world. 

It has over 19 million users spread out in more than a quarter of a million gaming communities and processing millions of USD every month. 

Enjin is a web-based universal blockchain explorer. It is built to focus on user experience, speed, and ease of use. Its platform’s underlying technology powers an entire ecosystem for NFTs, gaming, and app distribution.

The company raised $18.9 million with its 2017 initial coin offering or ICO and launched ENJ in 2018.

Enjin Coin or ENJ is an ERC20 token that’s traded on the Ethereum blockchain. Every token minted with Enjin is backed up directly by ENJ, the platform’s token.

This allows users to access in-game items and opens up to new possibilities in the crypto-powered blockchain gaming world.

Read more about them here.

Gorilla Networks

Gorilla Networks Pte Ltd is a next-generation mobile-finance telco and the world’s first telco in Metaverse.

It provides seamless mobile connectivity and solutions to mobile finance problems.

Users can use, save, share, and spend mobile data as digital assets with anyone right away from their mobile phone.

This company is a pioneer in merging mobile finance service and telecommunication into a universal consumer-centric offering and application that is accessible in any location through any network and any device.

Read more about them here.

Layer C

Layer C is a web3 native e-commerce and loyalty platform, which enables you to launch a Web3 store for your community in minutes.

Their platform features a user-friendly interface and a suite of tools and services to support organizations in their journey towards decentralization, including decentralized identity, access management, and data privacy solutions.

Utilizing the latest advancements in blockchain and cryptography, Layer C provides a secure and efficient way for businesses and individuals to create a Web3 store.

Find out more about them here.

Did you know that Layer C has been using 9cv9’s blockchain and web3 headhunting and hiring services to acquire top tech talents?

Read more about their testimonial of 9cv9 tech headhunting services here.

Loominate 

Singapore-based Loominate.app is the first platform of its kind to integrate web3 solutions and principles into an enterprise solution.

The startup aims to tackle the fear of speaking up, toxic culture, and disengagement through decentralized voting, tokenization of employee experience, and a bottom-up driven rewards system modeled after web3 communities.

After building in stealth mode in the last year, Loominate has launched with over 10 pilot organizations from the aviation, advertising, retail, blockchain, and telecommunication sectors.

Loominate currently partners with Polygon and various blockchain partners to bring to life its native GOOD Token and Wallet in the future phases of the launch.

Loominate looks forward to developing a global network of web3 partners, and beta testers and bringing corporate enterprises into the Web3 space through a purposeful and user-friendly interface.

Learn more about them here.

And if you are keen to hire some tech talents to build your app on Polygon or other blockchain infrastructure, Loominate has been a proud client of 9cv9 Blockchain Hiring solutions as well. Read more about their review of 9cv9 below.

Mercle

According to Mercle, they see the contributor journey of the Decentralized Autonomous Organization (“DAO), in different modules: Onboarding, Engagement, and Rewarding.

Hence, they are starting to create different templates for DAO creation and contributor onboarding as the primary use case (for new/existing contributors).

In the longer term, they are positioning it to become a default solution to manage contributors.

Learn more about them here.

MetaLoka 

Since Facebook’s Mark Zuckerberg announced that the company was putting all of its money into Metaverse, the virtual world has been buzzing. 

What is Metaverse?

Metaverse is a virtual world that mimics aspects of the physical world using advanced technologies such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), social media, and digital currencies.

A platform for augmented reality like Metaverse allows users to build creativity and interactive experience that will combine both the virtual world and the real world. Metaverse can be considered a virtual version of the idea of cyberspace.

The Singaporean startup, Metaloka, is taking advantage of the hype and has caught the interest of high-profile investors such as Herbert Sim, known as “The Bitcoin Man”. 

With Mr. Sim’s funding and advice, the augmented and virtual reality startups will be able to grow their platform and continue to build their immersive play-to-earn game. 

The first iteration of the game launching in Q2 of 2022. This time-traveling virtual environment will take benefit from Web3 technology and the rising popularity of NFT-based gaming. 

Find out more about them here.

MetaPals 

MetaPals is a Chrome browser extension for users to grow and interact with their NFT pets directly from their browser computer screen. 

A Metapal can speak via emojis, interact with elements of a webpage, and play page-specific minigames with the user.

It is inspired by Tamagotchi. Metapals.net designed Metapals to have unique personalities and it requires time to learn, grow, and develop good or even bad behaviors just like a real pet.

Learn more about the cute pets they are having here.

Quadrant Protocol 

Quadrant is a blockchain-based protocol that enables the creation, distribution, and access of data products and services with provenance and authenticity as its core. 

The data economy is unmapped and chaotic, similar to space. The startups enable data vendors to sell their data with the use of Data Smart Contracts by providing the infrastructure that facilitates the transparent exchange of Data-as-a-Service and AI services between organizations. 

Because Quadrant Protocol is built with Ethereum, it combines the powerful capabilities of blockchain with new innovations developed by the team to stamp and map disparate data sets. 

Find out more about them here.

Ripple

Ripple is a leading provider of blockchain-based financial solutions, based in San Francisco and Singapore.

With a mission to revolutionize the traditional financial system and make cross-border payments faster, cheaper, and more transparent, Ripple has established itself as a leader in the world of Web3.

Their platform offers a variety of tools and services for financial institutions, including real-time cross-border payments, digital asset exchange, and a decentralized network for interbank transactions.

Ripple’s technology leverages blockchain and digital assets to provide a secure, efficient, and scalable solution for global payments.

By bringing together the best of traditional finance and decentralized technology, Ripple is changing the way money moves and creating a more connected and inclusive financial world.

Learn more about them here.

Switcheo Labs

According to the company, Switcheo Labs is an experimental think tank that combines the brightest minds with a cutting-edge software development lab.

They focus on nurturing ecosystems that are forming the foundation of a new, decentralized world – one that thrives even without trust.

Impressively, they have bootstrapped multiple ecosystems.

• Carbon – A cross-chain protocol that acts as a building block for DeFi
• ZilSwap – The home of Zilliqa, providing all of Zilliqa’s core DeFi, NFT, and metaverse infrastructure

and more.

Learn more about them here.

Web3Auth

Web3Auth is a cutting-edge company based in Singapore that provides innovative solutions for digital identity management.

Utilizing the latest advancements in Web3 technology, they offer decentralized, secure, and user-centric authentication services.

With a focus on empowering individuals to control and protect their online identity, Web3Auth aims to revolutionize the way we interact with the digital world.

Their mission is to create a more equitable and open web, where users have full control over their personal information and privacy.

According to them, their company is “funded by companies like Binance, Coinbase, Multicoin, and other VCs in the fintech/blockchain space.” Thus, it seems like they are onto something big and promising.

By leveraging blockchain technology and smart contracts, Web3Auth is set to play a key role in shaping the future of digital identity.

Find out more about them here.

Conclusion

Web3 is the future of the internet not only in Singapore but also around the world. Web3 is not only about one thing, but it is about everything that has a connection with blockchain technology.

In the upcoming years, as the world we live in keep moving forward into the world of technology, we will be more used to the word Web3 and blockchain.

After reading this article, what do you think about web3 and blockchain?

Did you find the blockchain technology industry interesting?

If you find this article useful, why not share it among your Blockchain and Web3 friends and network, and also leave a nice comment below?

We at 9cv9 Research Team strive to bring the latest and most meaningful data, guide, and statistics to your doorstep.

Sources:

https://ethereum.org/en/web3/

https://www.rd.com/article/what-is-web3/

https://www.nytimes.com/interactive/2022/03/18/technology/web3-definition-internet.html

https://techcollectivesea.com/2022/07/21/blockchain-startups-singapore-web3/

https://www.investopedia.com/crypto-com-review-5209370

https://metaverseinsider.tech/2022/07/21/25-of-the-worlds-top-web3-companies-in-2022/#What_is_Web3

https://blockchainmagazine.net/top-5-blockchain-startups-in-singapore-in-2022/ https://e27.co/27-web3-startups-in-singapore-that-deserve-your-attention-20220520/

The post Top Web3 Companies and Startups in Singapore (Updated in 2023) appeared first on 9cv9 Career Blog.

Venture capital firms or VC are private equity and financing investors that provide capital to mainly, startups and small businesses with high growth potential. 

Usually, the VC originates its funding source from investment banks, well-off investors, or any other financial institution. 

Venture capital is arguably the primary source of funding, especially for tech startups. 

Entrepreneurs often rely on venture capitalists, because banks or other sources of financial institutions might feel that it is too risky to invest in small businesses or startup companies. 

VC funding is different from other forms of financing because VC funding is usually provided in exchange for equity of the company.

They expect a high return on their investment through a stake in the company – following the well-known adage of “high risk, high returns”.

Meanwhile, a normal financial institution providing debt usually asks entrepreneurs to pay back the amount of the loan plus interest. They typically do not take equity in this arrangement.

The money that VC firms invested comes in various ways including private funds, public pension funds, corporations, foundations, individuals, etc. 

Finding the right VC firm for your small business or startup company can be nerve-wracking. 

According to Statista.com, the number of private equity (PE) and venture capital (VC) deals in Singapore reached 303 deals in 2021.

The number is relatively small if we compare it to the data from the United States. 

According to Statista.com, the number of venture capital deals in the U.S. reached 15,855 deals in 2021.

That said, Singapore is one of the most attractive locations to raise a VC funding round due to the relative abundance of investment firms, venture capitalists, angel investors, family offices, etc on the sunny island.

If you are considering starting a business in Singapore and are currently searching for venture capital firms, here are some best options for you in 2023 (in no particular order):

Venture Capital and Private Equity Funds in Singapore (Updated in 2023)

• Antler
• B Capital Group
• DreamLabs
• EDBI
• Golden Gate
• Insignia Venture Partners
• Jungle Ventures
• Monk’s Hills Venture
• Quest Ventures
• Rikvin Ventures
• Sequoia
• Vertex Ventures
• 500 Startups

Antler

Since 2018, Antler has helped create and invested in more than 600 founders and 120 portfolio companies around the globe. 

Antler has offices in 25 cities across 6 continents including New York, London, Berlin, Singapore, Seoul, Jakarta, Tokyo, Sydney, and more. 

Their goal is to back up more than 6,000 companies by 2030. 

They run a venture builder/accelerator-like program that screens founders beforehand and brings them through a curated 5-10 agenda before a demo day for the founders to pitch to their investment committee or to external invite-only investors.

If you are chosen by their Investment Committee to be invested, Antler will invest a sum of USD$125,000 for 10% equity.

Do note that if your startup were to be invested, there is a program fee of US$45,000 to be deducted from the investment amount, which leaves you technically with $80,000 for your startup operations.

Investment Cheque Size of Antler

Antler typically invests around US$125,000 for 10% equity at the pre-seed round. Do note upon investment, there is a US$45,000 program fee to be deducted from that investment.

Keen to explore? Apply to their program here.

For more inquiries, feel free to email:

• joinantler.sg@antler.co
• hello@antler.co

B Capital Group

This venture capital firm was founded in 2015 by Raj Ganguly and Eduardo Saverin.

The firm invests in early-stage startups in the technology sector, with a focus on industries such as financial technology, healthcare, and enterprise software.

B Capital Group’s vision is to help the world’s most promising startups. 

Currently, they have managed around $6.2B in assets and have more than 125 portfolio companies. 

Other than Singapore, B Capital Group has offices in Los Angeles, Miami, San Francisco, New York, Hong Kong, and Beijing. 

Their investment thesis is primarily into companies that are emerging in the fintech and healthcare industries.

They have made investments in companies such as GoJek, K Health, and PolicyBazaar.

B Capital Group invests in early-stage companies and provides both financial and strategic support to help these startups grow and succeed.

The firm’s investment strategy is focused on identifying and supporting innovative companies that have the potential to transform their industries and create significant value for their stakeholders.

Investment Cheque Size of B Capital Group

B Capital Group typically invests in the range of $5 million to $30 million per startup, although the exact amount can vary depending on the stage of the company and its specific funding needs.

Keen to explore? Send over an email to:

• ir@bcapgroup.com
• media@bcapgroup.com

Dream Labs

Dream Labs is a leading venture capital firm in Singapore, specializing in early-stage investments in technology and innovation.

With a team of experienced investors and a strong network of resources, Dream Labs helps entrepreneurs turn their ideas into successful businesses.

The firm is committed to investing in startups that have the potential to disrupt traditional industries and drive growth in the tech sector.

At Dream Labs, the focus is on providing more than just financial support to portfolio companies.

The firm’s investment team works closely with entrepreneurs to help them develop their businesses, offering mentorship, strategic guidance, and access to a vast network of industry experts and business leaders.

Whether it’s through introductions to key customers and partners or assistance in recruiting top talent, Dream Labs is dedicated to helping portfolio companies reach their full potential.

Dream Labs aim is to work with entrepreneurs who seek to invent new market categories. Their focus is to renew, restore, revive, and recycle. 

Mainly, they are interested to put in investments for companies in the Fintech, E-commerce, health, Cleantech, and energy industries. 

Their office and headquarters are in Singapore. With around $50 million to invest, they will provide funding for companies that have impactful ideas for society. 

Investment Cheque Size of Dream Labs

The investment amount can vary greatly depending on the stage of the startup and its funding needs. Some startups may receive seed funding in the range of a few hundred thousand dollars, while others may receive millions of dollars in later-stage funding.

Keen to explore? Send over an email to

• info@dreamlabs.sg

EDBI

EDBI (Economic Development Board of Singapore Investments) is a Singapore-based investment company with a focus on investing in innovative technology companies.

Investing since 1991, EDBI was established as the investment arm of the Economic Development Board of Singapore, with the goal of driving innovation and growth in the technology sector.

EDBI invests in companies across a range of industries, including life sciences, cleantech, advanced manufacturing, and digital technologies.

The firm’s investment team is made up of experienced professionals with a deep understanding of the technology industry, and they work closely with entrepreneurs to help them achieve their goals.

In addition to providing financial support, EDBI offers its portfolio companies a range of services and resources to help them succeed.

This includes access to a network of industry experts and business leaders, mentorship and coaching from experienced investors, and strategic guidance on key business issues such as fundraising, product development, and marketing.

EDBI has a global reach, with a network of resources and partners that span multiple regions, including Asia, Europe, and North America.

The firm is committed to creating value for its portfolio companies and helping to drive the growth and development of the technology industry in Singapore and beyond.

EDBI has made many successful investments in innovative technology companies and established itself as a leading venture capital firm in the region.

The firm’s mission is to help entrepreneurs bring their ideas to market and to contribute to the growth and development of the technology sector in Singapore and beyond.

They select high-growth technology sectors ranging from Information and Communication Technology (ICT), Emerging Technology  (ET), Healthcare (HC), and other strategic industries. 

EDBI’s most notable exits are Jago, Carousell, Carro, and more. 

As a leading global investor, they are consistently working towards supporting the future economic pillars of Singapore. 

Based on Crunchbase, EDBI has made 162 investments. Their most recent investment was on Dec 21, 2022, on Doctor Anywhere, which raised $38.8M.

Investment Cheque Size of EDBI

According to Unicorn Nest, the investment cheque size is around US$50 – US$100m.

Keen to explore? Send over an email to

• infohq@edbi.com

Golden Gate Ventures

Golden Gate Ventures is a leading Southeast Asian venture capital firm that invests in early-stage startups.

With a focus on technology and internet-enabled businesses, the firm has a proven track record of identifying and supporting the region’s most promising entrepreneurs.

Golden Gate Ventures leverages its extensive network and expertise to help founders build successful companies, and provides access to capital, mentorship, and growth opportunities.

Their headquarters are in Singapore and they have 3 other offices – 1 in Jakarta, Indonesia, and the other two are in Vietnam, in the cities of Ha Noi, and Ho Chi Minh.

Golden Gate has invested in more than 70 companies with 9 unicorns across their portfolio.

Some of the companies that they invested in are Carousell, Chilibeli, and Redmart. 

Investment Cheque Size of Golden Gate Ventures

Golden Gate Ventures typically invests in the range of US$1m to US$5m per round.

Keen to explore? Send over an email to

• hello@goldengate.vc

Insignia Venture Partners

Insignia Venture Partners is a leading venture capital firm that invests in early-stage technology startups.

Since 2017, Insignia Venture Partners have invested in more than 70 emerging technology companies. 

With a focus on Southeast Asia and India, they are dedicated to identifying and supporting the region’s most promising entrepreneurs.

They have a proven track record of identifying and supporting the region’s most promising entrepreneurs and have a deep understanding of the technology and internet landscape in the region.

Insignia Venture Partners leverages its extensive network and expertise to help founders build successful companies, providing access to capital, mentorship, and growth opportunities.

They specialize in early investments in South East Asian companies and have their headquarters in Singapore. 

Other than 70+ companies, Insignia also invested in unicorns Carro, GoTo, Ajaib, and Appier. 

In August 2022, Insignia Venture Partners announced that they have closed US$516m across three Southeast Asian Funds. This will provide a lot of firepower for their existing and incoming startup founders.

Investment Cheque Size of Insignia Venture Partners

Insignia Venture Partners typically invests in the range of US$100k to US$25m per round.

Keen to explore? Send over an email to

• hello@insignia.vc

Jungle Ventures

Jungle Ventures is a venture capital firm that invests in startups reimagining the future of Southeast Asia.

They are committed to empowering entrepreneurs and providing them with the resources they need to build successful businesses.

With a focus on technology and innovation, Jungle Ventures invests in early-stage startups that have the potential to disrupt traditional industries and create new ones.

From capital and mentorship to network access, Jungle Ventures provides everything their portfolio companies need to grow and succeed.

With 11 successful exits, Jungle Ventures become the first independent, Singaporean VC to invest across both India and Southeast Asia. 

This company has around $1Bn+ assets under its management. They already made more than 35 investments and more than 50 founders in 8 countries.

A few examples of their exits are Sociolla, the largest beauty platform in Indonesia, and Livspace, the largest home decor and furnishing marketplace in South & South East Asia. 

Investment Cheque Size of Jungle Ventures

Insignia Venture Partners typically invests in the range of US$2m to US$10m per round.

Keen to explore? Send over an email to

• contact@jungle.vc

Monk’s Hill Ventures

In 2014, Peng T. Ong and Kuo-Yi Lim founded Monk’s Hill Ventures.

Monk’s Hill Ventures is a venture capital firm investing in early-stage tech companies, primarily Series A, in Southeast Asia. 

Monk’s Hill Ventures is not your typical venture capital firm.

They are a team of industry experts and experienced entrepreneurs who are passionate about helping early-stage technology startups reach their full potential.

With a focus on innovation in Southeast Asia, Monk’s Hill Ventures invests in the most promising businesses with a track record of success.

From capital to mentorship and network access, Monk’s Hill Ventures provides their portfolio companies with the resources they need to thrive.

Their offices are in Singapore, Jakarta, and Vietnam.

Today, they have invested in over 30 fast-growing tech companies in Southeast Asia. Some of the companies are Botmd in the health-tech industry, Dagangan in the e-commerce industry, and Credibook in the fintech industry. 

Investment Cheque Size of Monk’s Hill Ventures

Monk’s Hill Ventures typically invests in the range of US$2m to US$5m per round.

Keen to explore? Send over an email to

• info@monkshill.com

Quest Ventures

Quest Ventures has focused on an overarching ‘digital economy’ strategy across Asia since 2011. 

Quest Ventures is on a mission to help early-stage technology startups succeed.

With a focus on Southeast Asia and a commitment to innovation, they are dedicated to empowering entrepreneurs and providing them with the resources they need to build successful businesses.

It is a top venture capital firm in artificial intelligence, e-commerce and marketplaces, entertainment, finance, food, insurance, logistics, media, property, sports, and the Islamic digital economy. 

As of 31 December 2021, Quest Ventures has managed around US$40m of assets and more than 100 companies are in their portfolio across the funds. 

Quest Ventures is also in the top 10 list of most active investors in Southeast Asia and Central Asia. 

Investment Cheque Size of Quest Ventures

Quest Ventures typically invests in the range of US$100k to US$500k per round.

Keen to explore? Send over an email to

• info@questventures.com

Rikvin Ventures

Rikvin Ventures is a venture capital firm based in Singapore.

It provides early-stage financing to startups and emerging companies across Southeast Asia and India.

Rikvin Ventures focuses on investing in companies operating in the technology, internet, and digital media sectors.

Their goal is to help entrepreneurs build successful businesses by providing access to capital, mentorship, and growth opportunities.

Rikvin Ventures is known for its hands-on approach to investing, working closely with its portfolio companies to help them achieve their goals and grow their businesses.

This company focuses on its approach to building the companies of tomorrow which are disruptive, scalable, and people-focused.

Rikvin Ventures invest in various kinds of industries such as clean tech, fin-tech, e-commerce, waste management, healthcare, and energy.

Their mission is to invest in entrepreneurs with ideas that will disrupt traditional ways of thinking and generate strong commercial returns.

Investment Cheque Size of Rikvin Ventures

Varies.

Keen to explore? Send over an email to

• hello@rikvinventures.com

Sequoia Capital

Sequoia Capital is a global venture capital firm that was founded in 1972 and has its headquarters in Menlo Park, California.

It has a presence in several countries, including Singapore.

The firm invests in early-stage startups as well as later-stage companies and has a reputation for backing successful technology companies such as Apple, Google, and PayPal.

Sequoia Capital’s focus is on helping entrepreneurs build disruptive and innovative companies.

They provide capital, expertise, and a network of resources to help their portfolio companies grow and succeed.

In addition to investing, Sequoia Capital provides mentorship and strategic guidance to help founders navigate the challenges of starting and growing a business.

Sequoia Capital has a track record of making successful investments and is widely recognized as one of the leading venture capital firms in the world.

Sequoia Capital is one of the most experienced companies in the capital and investment field. 

This company has contributed more than 20% of the NASDAQ total value and has partnered with and helped famous figures such as Steve Jobs, Elon Musk, and many others. 

Investment Cheque Size of Sequoia Capital

Sequoia Capital typically invests in the range of US$1m to US$12m per round.

Keen to explore? Send over an email to

• startindia@sequoiacap.com

Vertex Ventures

Vertex Ventures is a venture capital firm based in Singapore with a focus on early-stage technology startups.

The firm invests in a wide range of sectors, including software, e-commerce, and digital media, among others.

Vertex Ventures has a strong presence in Southeast Asia and India, and its goal is to help entrepreneurs build successful businesses by providing access to capital, mentorship, and growth opportunities.

In addition to its investment activities, Vertex Ventures is known for its hands-on approach to working with portfolio companies.

The firm’s partners provide strategic guidance and support to help founders navigate the challenges of starting and growing a business.

Vertex Ventures has a reputation for backing successful startups and is considered one of the leading venture capital firms in the region.

Not only supporting entrepreneurs from Singapore, Vertex Ventures is also one of the leading global VCs for India and Southeast Asia.  

Vertex Ventures have invested in more than 78 startups in Singapore.

Some of their notable consumers are Grab, ChattyBao, and Dailybox. 

Investment Cheque Size of Vertex Ventures

Vertex Ventures typically invests in the range of US$2m to US$15m per round.

Keen to explore? Send over an email to

• helloasia@vertexventures.com

500 Startups

500 Startups is a global venture capital firm that was founded in 2010 and has its headquarters in Silicon Valley.

The firm has a presence in several countries, including Singapore, and provides seed and early-stage financing to startups.

500 Startups invests in a wide range of sectors, including technology, e-commerce, and digital media, among others.

500 Startups is known for its hands-on approach to working with portfolio companies.

In addition to investing, the firm provides mentorship, resources, and strategic guidance to help entrepreneurs build successful businesses.

The firm’s goal is to help startups achieve product-market fit and grow their businesses to the next level.

500 Startups has a reputation for backing successful startups and is widely recognized as one of the leading early-stage venture capital firms in the world.

In addition to investing, the firm runs an accelerator program that provides startups with access to mentorship, resources, and a global network of entrepreneurs and investors.

Across Southeast Asia, the 500 Southeast Asia family has invested in over 250 companies.

This company has offices in Singapore and Kuala Lumpur, Malaysia.

500 Global is arguably one of the most active investors in the world, and one of the top most diverse venture capital firms in the world.

Their mission is to uplift people and economies around the world through entrepreneurship.

The companies that 500 Global has invested in helped create thousands of jobs and delighted millions of customers all over the world.

Some of their top centaurs are Stockbit, Alodokter, Lingokids, and Pomelo.

They also invested in Asia unicorns such as Grab, Bukalapak, Carsome, Carousell, and Prenetics.

Investment Cheque Size of 500 Startups

Vertex Ventures typically invests in the range of US$2m to US$15m per round.

Keen to explore? Send over an email to

• global.launch@500.co
• info@500startups.com
• info@500.co

Or….Business Angel Investors

Other than the venture capital firms listed above, there are also investors such as angel investors.

Angel investors are investors that typically use their own personal funds (instead of using other investors’ funds like those of venture capital firms).

In this respect, the investment process can be shorter with some angel investors reportedly making the investment with just one meetup over coffee.

Some business angel investors are Business Angel Network Southeast Asia or BANSEA.

Not only focusing on investing money, but angel investors also offer personal mentorship from their personal investing endeavors or work experiences.

They will invest their time as well and will spend a substantial amount of time with the entrepreneur to help grow the startup.

In Summary

In conclusion, Singapore is home to a thriving startup ecosystem and a number of well-established venture capital firms.

These firms provide early-stage financing to startups and help entrepreneurs build successful businesses.

They offer capital, mentorship, resources, and strategic guidance to help startups achieve product-market fit and grow their businesses to the next level.

Some of the leading venture capital firms in Singapore include Sequoia Capital, Vertex Ventures, 500 Startups, and others.

These firms have a proven track record of making successful investments and are widely recognized as some of the leading venture capital firms in the region.

The presence of these venture capital firms is a testament to Singapore’s strong commitment to promoting innovation and entrepreneurship.

They play a critical role in supporting the growth and development of the startup ecosystem and helping entrepreneurs turn their ideas into successful businesses.

If you find this article useful, why not share it among your startup founder counterparts, and also leave a nice comment below?

We at 9cv9 Research Team strive to bring the latest and most meaningful data, guide, and statistics to your doorstep.

Sources

https://mapofthemoney.com/

https://www.investopedia.com/terms/v/venturecapital.asp 

https://www.businessnewsdaily.com/4252-venture-capital.html

The post Venture Capital and Private Equity Funds in Singapore (Updated in 2023) appeared first on 9cv9 Career Blog.

If your company wants to hire strong tech talents and software developers in Vietnam, you need to know some key mistakes to avoid in order not to spend unnecessarily, exceed your hiring budget or hire the wrong tech talents.

As more industries are shifting towards digital technologies in Asia, companies are hungry to hire strong tech talents and that makes the tech talent market in Vietnam tight and competitive.

To hire the best and the strongest tech talents in Vietnam, companies must try to understand and avoid these 10 mistakes when recruiting tech talents in Vietnam. 

About us

Having more than 5 years of experience in tech talent recruitment in Vietnam, 9cv9 has seen it all, heard it all, and done it all. In this article, the 9cv9 research team has condensed and distilled all our learnings in producing some of the mistakes that we have seen and come across interacting with our clients and tech talents.

If you are a local or international talent acquisition executive, a founder looking for your first hire, or a recruitment consultant working at a headhunting agency looking to minimize your hiring costs and expenses,

Then this article is perfect for you to understand the 10 mistakes to avoid when hiring tech talents in Vietnam.

10 Mistakes to Avoid When Hiring Tech Talents in Vietnam

1. Using Job Portals to Hire Tech Talents in Vietnam
2. Not using an IT Recruiter
3. Not Researching the Local Salary Amounts Beforehand
4. Not knowing about Local Employment Laws in Vietnam
5. Not Optimising on the Employment Contracts
6. Long Recruitment Process to Find the Perfect Tech Talent
7. Not Respecting the Tech Talents in Vietnam
8. Lack of Diversity in Hiring Tech Talents in Vietnam
9. Not Offering Remote Working When Possible
10. Not Focusing on Company Culture and Only on Money

1. Using Job Portals to Hire Tech Talents in Vietnam

When hiring managers need to hire for some roles, their first thoughts are usually directed at posting job advertisements at a local job portal.

However, in Vietnam, at least for tech talents and software developers, it doesn’t work like this.

Most developers, especially in Vietnam, are passive job seekers and they do not actively search for job opportunities. Even if they were, there is a long list of headhunters and recruiters on their heels, waiting to guide them seamlessly into a job role.

Hence, posting your job openings on job portals such as ITViec, TopDev, and JobHop is, more often, a waste of your hiring budget.

Also, some of them require you to have a local legal entity including a local address and a phone number.

At 9cv9, we highly recommend using headhunters to hire tech talents in Vietnam.

Why?

Based on our earlier guide on how to hire IT developers in Vietnam, we shared two reasons:

• Top Software Developers are few and far between. They would have many recruiters queuing up to get their signatures and these top Software Developers generally do not have the time, and the need to apply for the Software Development job on the job portals.
• Some top Software Developers are passive applicants (as shared earlier). This means that they are not looking for a new job at the moment.

Working with an offshoring provider like 9cv9 Tech Offshoring gives you access to our database (as the 9cv9 Group owns the 9cv9 Job Portal, Jobsrefer, and UrbanCV) and a strong network of software developers in Vietnam without having to set up a local company. 

If you are hiring IT interns or fresh IT graduates, a novel approach is to join a university job fair that many computer science students attend.

Through this approach, you might be able to recruit as many tech talents as you can, albeit they are at the intern, or junior tech talent level.

For higher levels, such as senior software engineers, then you are better off using IT headhunters for that.

To find out the complete list of relevant IT headhunters in Vietnam to hire tech talents, then have a read at our complete list of IT recruiters and headhunters in Vietnam.

2. Not using an IT Recruiter

Huge mistake.

The same scenario as going for surgery without having a surgeon.

Leave the recruiting to a specialized recruiter.

We recommend getting a specialized IT recruiter in Vietnam who knows the ins and outs of IT recruitment to drive the hiring of tech talents in Vietnam for you.

9cv9 is well-placed as one of the selected few endorsed by the Government of Singapore, Enterprise Singapore for their GTTA Program.

9cv9 is one of the most experienced headhunters and IT recruiters based in Vietnam and Singapore.

If getting an IT recruiter isn’t palatable to your budget then another innovative way is to ask for referrals from your current employees or your network. Social referrals are in the rage now given the strong ecosystem and connectivity amongst them in the tech talent ecosystem in Vietnam.

Is any of their friends or families that are looking for a job in the tech field?

Employee referrals are one of the highest resources for hiring new talent. If you are keen to use a novel tech platform to get access to 12,000+ freelance recruiters and referrers for social referring, then look no further than Jobsrefer.

Notwithstanding the use of social referring, you will also need to make sure that you treat your current tech talents well and fair.

By doing so, your current tech talents will have good opinions and judgment toward your company.

Then there are bigger chances for your employees to spread good information about your company and make your company desirable for job seekers.

They can also leave a good review on Glassdoor or on Google so that prospective tech talents in Vietnam can read and increase their chances to be referred or to apply to your company.

3. Not Researching the Local Salary Amounts Beforehand

If you do not do your homework on the salary range earned by tech talents in Vietnam, then you are going into the hiring warzone blind.

Overpaying for a tech talent and software developer might lead to dissent among your current tech team, and increase the risk of underbudgeting.

Underpaying for tech talent might lead to the latter looking for better opportunities instead of focusing on building the best tech product for your company.

You do not want the tech talent to have side hustles and be distracted from his/her main job scope.

If you are a foreign company, then the tech talents in Vietnam might anchor their initial asking salary at a higher range.

Therefore, it is crucial to do some research on the current IT developer’s salary range.

Based on the 9cv9 database, the average salary earned by a software developer in Vietnam is around USD 2000.

4. Not knowing about Local Employment Laws in Vietnam

Many foreign companies stepped on this mine in the hiring minefield when hiring tech talents in Vietnam.

Being a foreign company does not preclude your firm from adhering to local laws and regulations.

In fact, we highly advise your organization to be cognisant of idiosyncratic employment laws and regulations in Vietnam.

For example, in Vietnam, it is a good practice to pay your tech talents and software developers a TET (Vietnamese New Year) bonus.

This is known as the 13-month salary.

This Tet Bonus is usually paid to employees before the Tet Holiday or also known as the Lunar New Year holiday.

It’s not statutorily needed, but it is well-practiced by almost all companies in Vietnam.

Your tech talent will expect this on top of any other bonuses, i.e., performance, equity, etc. you will award to them so consider this in your salary budget when you are discussing the job offer.

When the candidate mentions their expected monthly salary, you can multiply the amount by 13 to get the annualized salary amount.

5. Not Optimising on the Employment Contracts

According to Emerhub, foreign employers in Vietnam usually made these mistakes when hiring tech talents in Vietnam:

3 Contractual Mistakes made when employing Tech Talents Vietnam

• Signing a permanent contract right away. Hiring companies do not need to sign a long-term contract at the start with the tech talent. It is recommended to sign a probationary contract. The maximum probation period in Vietnam is 2 months. This gives some buffer time to evaluate the employee and leaves room for more negotiation down the road. Also, hiring companies can pay at least 85% of the agreed full-time employment salary during the probation period.
• Not having the contract in Vietnamese. In Vietnam, documents submitted to the Government and its ministries, have to be in Vietnamese. Therefore, your company will need someone proficient in Vietnamese law to draft the employment contract in Vietnamese.
• Adding clauses to the employment contract. Put non-compete, confidentiality, and non-solicitation clauses in a separate, internal document. Such clauses make employment contracts difficult to uphold in court.

6. Long Recruitment Process to Find the Perfect Tech Talent

There is no such thing as perfect tech talent in Vietnam. Although they are one of the most productive workers in the world with a high productivity increase CAGR of 15% over the past few years, they are still fallible.

Even the most professional tech talent is a human and humans will make mistakes.

Therefore, trying to recruit only the perfect employees will be impossible, and in fact, will be detrimental to you not getting the best talents.

In this case, the best does not mean perfect.

If the hiring manager takes too much time to screen the tech talent to find the best tech talent in Vietnam, then they will lose out on a good pool of the best tech talents that are suitable for their needs.

Do note, the current recruitment progress of receiving and screening the CV, reviewing applications to assessing their skillsets, can take up to months in some cases.

Instead, during the hiring process, the company should consider optimizing and reducing the number of rounds of interviews and assessments for the tech talents in Vietnam.

Do not make the hiring process difficult.

Keeping it short and simple is one of the ways to attract many potential tech talents in Vietnam.

Make sure your hiring announcement is easy to find and make sure the job description is detailed and realistic.

So, it will reduce the number of answers you need to answer to the tech talents during the interviews.

7. Not Respecting the Tech Talents in Vietnam

Since the demand for tech talent in Vietnam is increasing, companies should know that trying to be superior to tech talent will no longer work.

Tech talent in Vietnam nowadays is also evaluating the company as how the company is evaluating the talents.  

Make sure to treat all talent with respect and they will also treat you and your company with respect.

Top talents are riskier than fresh graduate tech talent because they have more professional experience and companies are trying harder to recruit them. 

Also, words travel fast around the tech community.

One wrong misstep in terms of treating the tech talent badly during the hiring process or not replying to their application status promptly will leave a sour hiring taste in their mouth and the tech talents will not shy away from gossiping about the bad hiring process.

Communication is an important aspect if you want to start any relationship.

Including a relationship between your tech talents in Vietnam and you as the job provider.

Companies need to know what kind of job the tech talent is expected to do.

Tech talent will not be interested in a company that does not know what they are talking about.

After you choose a few candidates for your company, it is important to update them with the recruitment process overall.

Make sure you tell them whether they are accepted by the company or not.

And answer their emails as soon as possible.

8. Lack of Diversity in Hiring Tech Talents in Vietnam

In recent years, technology has become so common and it attracts all kinds of people no matter how young or old they are.

The tech industry is also not limited to men only, women could also be tech talents in coding and software development.

Companies should never discriminate against potential employees by their gender, race, age, or background education.

Even though education is important, experience in the work field is also important.

It is essential to make sure that your employees can work together in a harmony.

Therefore, you should conduct a fair and thorough judgment when recruiting tech talents.

That said, based on our research, we find that males dominate the tech scene in Vietnam with 91% of the tech developers in Vietnam being male.

9. Not Offering Remote Working When Possible

The Covid-19 pandemic brought a lot of changes to the working industry.

Many companies as well as employees need to adapt to the new normal way of work – working remotely.

The remote working option allows workers to take their work somewhere else and not the office.

This gives more freedom for workers to work from anywhere they feel comfortable, and more productive.

More importantly, it cuts down on traveling time between their home and the office as a remote working option removes or reduces the need to travel.

Based on our research, we find that 87% of tech talents in Vietnam prefer some form of remote working.

Since many tech talents in Vietnam have already gotten used to remote working, companies hiring tech talents in Vietnam should also provide the right amount of flexibility needed by the tech talents.

Alas, we still see some companies that are fixated on the on-site working option which requires the tech talent to make their way to the office on a daily basis, and clock in from the office.

By offering an opportunity for employees to work remotely, it would be easier for your company to attract more tech talents in Vietnam.

The sooner your company adapts to it, the easier would be it is in the future. We never knew what the future may look like, so companies need to prepare for all possible outcomes.

10. Not Focusing on Company Culture and Only on Money

Of course, the tech talents in Vietnam like to have a stable high salary.

However, focusing only on the money aspect wouldn’t bring your company far ahead. 

If you are trying to recruit talent using only money, there’s a high possibility that other companies are doing the same.

Perhaps, they are also able to offer them much more money than you already did.

Trying to reach your potential workers from other aspects.

For example, what things are new in your company that could become a great learning experience for your employees. 

What is your company culture and what makes working in your company better than other companies?

Tech talent loves challenges, so give them some problems to solve.

The problems need to be technically challenging for them.

In this way, they will highly value your company and see your company as something that they can learn a lot from.

The best tech talents work together with respected peers.

A good tech team leader will have the skills to inspire younger tech talent.

Employing a team leader with a strong connection and reputation in the industry is a great starting point for your company.

Encourage your employee to participate in a seminar or work project with other companies.

By having your tech talents engage with other tech talents in Vietnam, it would be a great source of experience for them.

Build a company culture that you and your employees are proud of. Therefore, more tech talents will be more attracted to join you.

Additional bonus points to offer for hiring tech talents in Vietnam:

In recent years, almost all companies are using social media websites. Tech talents in Vietnam heavily use social media websites such as Facebook, and Linkedin.

Use this opportunity to make your company look appealing in the social media domains, and make the tech talents in Vietnam want to work for you.

Create a website that is easy to navigate but full of information at the same time.

Use YouTube videos to post an advertisement for your company. Making a Twitter profile could also be helpful. By using Twitter, you can engage with many people and some of them might be your future workers.

Conclusion

Now that you have read the above 10 key mistakes made by hiring managers and founders hiring tech talents in Vietnam, you will be better equipped to avoid these mines when navigating the hiring minefield.

Knowing these mistakes and how not to repeat them will put you in a better position in hiring the best tech talents that your competitors might not have.

Also, it will help reduce hiring risks and will keep your salary budgets and hiring costs within expectations.

If you find this article useful, why not share it among your recruitment and talent acquisition counterparts, and also leave a nice comment below?

We at 9cv9 Research Team strive to bring the latest and most meaningful data, guide, and statistics to your doorstep.

Sources: 

https://thegradient.pub/ai-startups-and-the-hunt-for-tech-talent-in-vietnam/

https://insights.dice.com/employer-resource-center/mistakes-to-avoid-when-recruiting-tech-talent/

https://www.entrepreneur.com/leadership/7-mistakes-to-avoid-when-hiring-it-talent/425729

https://www.forbes.com/sites/forbestechcouncil/2021/11/15/16-strategies-for-finding-and-recruiting-the-best-tech-talent/?sh=869195ba872e

https://theundercoverrecruiter.com/how-to-recruit-tech-talent/

The post 10 Mistakes to Avoid When Hiring Tech Talents in Vietnam appeared first on 9cv9 Career Blog.