Category: STARTUPS News

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StartUp Bahrain officially relaunches

Tamkeen and StartUp Bahrain established partnership as part of their commitment to supporting startups and entrepreneurs in the Kingdom…reports Asian Lite News

StartUp Bahrain, a leading platform in the Kingdom’s entrepreneurship ecosystem, now powered by The Labour Fund, “Tamkeen”, has announced and celebrated its relaunch on its 10th year anniversary.

Tamkeen and StartUp Bahrain established this partnership as part of their commitment to supporting startups and entrepreneurs in the Kingdom. As part of their relaunch, StartUp Bahrain announced that they will work on strengthening and empowering the startup ecosystem in the Kingdom of Bahrain through a new team, enhanced vision, and exciting activities, initiatives, and events for the years to come. The platform will continue to offer incredible perks like AWS Activate, free credits with FACEKI and free workshops with HyperGrowth, all to help startups grow and scale overseas.

On this occasion, Her Excellency, Ms. Maha Mofeez, Chief Executive of the Labour Fund (Tamkeen) stated: “Tamkeen is committed to nurturing a thriving startup ecosystem in Bahrain. By supporting StartUp Bahrain, we are ensuring that local talent and their innovative ideas have access to a wide range of opportunities to succeed and thrive, while also positioning Bahrain as a leading entrepreneurship hub in the region, thus driving economic growth and prosperity.”

She added: “Since establishment Tamkeen focused on empowering entrepreneurship and has supported during the past years more than 19,000 entrepreneurs to launch their new business ventures, while also partnering with several financial institutions to facilitate financing solutions which supported more than 7,000 small and micro enterprises.”

Since its inception, StartUp Bahrain has played a pivotal role in nurturing the startup ecosystem in Bahrain with programs, workshops and events, and this relaunch on its 10th anniversary symbolizes a new beginning in its journey, with more exciting and beneficial perks aimed at supporting startups. Moreover, StartUp Bahrain aims to further accelerate the growth of startups through this revamped platform, thus making a valuable contribution towards boosting Bahrain’s economy and fostering entrepreneurship in the region.

Bader Kamal from StartUp Bahrain, expressed his excitement about the relaunch, stating: “We are thrilled to have StartUp Bahrain enter its 10th year with an entity as dedicated and eager to empower the startup scene as Tamkeen. The ecosystem has grown tremendously in the past decade, and we are committed to fostering the growth and support towards the next generation of entrepreneurs in Bahrain by connecting them to stakeholders through a unified platform.”

Entrepreneurs in Bahrain will be able to reap the benefits of this partnership between Tamkeen and StartUp Bahrain through a variety of programs available on the platform, with more yet to be announced throughout the year. With this relaunch, StartUp Bahrain aims to play a leading role in driving innovation and economic growth in Bahrain for years to come.

StartUp Bahrain is one element of a comprehensive network of support available to startups in Bahrain and the wider region, which includes Tamkeen, the Bahrain Economic Development Board, and accelerators such as Flat6Labs and Brinc, Bahrain’s first Angel Investors Company Tenmou and the biggest FinTech incubator in the region, Bahrain FinTech Bay.

ALSO READ: World Bank lauds UAE’s ‘pivotal role’ in climate action

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Business India News STARTUPS News

Sequoia’s Surge to empower 12 new startups

Sequoia India and Southeast Asia's Surge to empower 12 new startups

‘Surge 08’ is currently in progress and the founders are going through a 16-week hybrid programme focused on company building…reports Asian Lite News

Surge, which is Sequoia India and Southeast Asia’s rapid scale-up programme for early-stage startups, on Wednesday said it has launched its eighth cohort, featuring 30 inspiring founders across 12 companies.

‘Surge 08’ cohort includes startups that are building futuristic products across climate tech, AI, metaverse, digital health, new consumer brands and new models of e-commerce.

The curated community of startups under the programme now includes eight cohorts, more than 300 founders and over 130 startups across more than 16 sectors, Sequoia India and Southeast Asia said in a statement.

“Surge 08 founders are building next-gen products and businesses that have the potential to revolutionise their sectors over the next decade,” said Rajan Anandan, Managing Director, Sequoia India & Southeast Asia, and Surge.

These diverse set of founders each bring with them unique experiences and expertise to create ambitious and differentiated products and platforms to the problems they are tackling, and “we are excited to be a part of their early company-building journeys,” Anandan added.

Surge combines up to $3 million of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders.

Half of Surge 08 startups have at least one female founder, including an AI and natural language processing PhD holder focused on AI in healthcare and two medical doctors from Indonesia who are leveraging technology to democratise access to health and wellness services.

‘Surge 08’ is currently in progress and the founders are going through a 16-week hybrid programme focused on company building, said the leading VC firm.

Sequoia Capital India and Sequoia Capital Southeast Asia actively partner with founders from a wide range of companies, including BYJUs, CRED, Druva, Freshworks, Groww, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and more.

ALSO READ: Tough times ahead for Indian startups

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Business COVID-19 STARTUPS News

Tough times ahead for Indian startups

Startup funding slows but strong core policies will help tide over uncertainties, say experts(IN)

The market disruption by the Covid-19 pandemic created phases of growth and slowdowns for startups…reports Asian Lite News

Consumer demand is expected to stay low over the coming quarters, as inflation continues to rise, creating a further slowdown phase for the startups in the country, a new report has said.

There is an ongoing risk of further escalation in the war on Ukraine and the current wheat crop being impacted by hot weather conditions, according to market research firm Redseer Strategy Consultants.

Consumer perception of the general economic condition continues to be pessimistic as per the Reserve Bank of India’s Consumer Confidence Survey of January 2023, where more than 50 per cent of consumers reported it to have worsened.

This comes at a difficult time for startups. They currently have limited ability to drive growth through discounts and other levers, which worked well during an easier funding environment.

“Therefore, startups must focus on efficient unit economics and improving profitability by sticking to their core offerings,” the report said.

One strategy that has worked for FMCG players in the face of shrinkflation has been the push towards smaller stock-keeping units (SKUs).

“Bharat-focused startups, too, need to look at revamping their SKU strategy to fit the tighter wallets of the mass-market consumers. The second strategy is to double down on the premium categories, which have lower price elasticity and have performed well against market pressures across sectors,” the findings showed.

The market disruption by the Covid-19 pandemic created phases of growth and slowdowns for startups.

As a result, most businesses experienced a net growth that spanned two pandemic waves.

However, in 2022, global inflationary pressures severely impacted consumer demand. The revenue increase was driven by higher prices, as volumes remained low across the urban and rural sectors.

“With the macroenvironment challenges expected to continue, consumer demand is likely to remain subdued for the foreseeable future,” the report said.

“We expect consumer demand over the near future to continue staying subdued, with high inflation, unemployment in the urban organised sector and falling real wages in the rural areas,” it added.

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Lifestyle Lite Blogs STARTUPS News

‘AIC-RNTU provides holistic exposure to promising startups’

AIC-RNTU is located at Raisen, Bhopal, Madhya Pradesh. The incubation centre was established in June 2018 and has been continuously supporting startups since then…reports Lothungbeni Humtsoe

We are all aware of the importance of entrepreneurship in terms of providing products and jobs, but most importantly in terms of functioning as the source of economic growth in a specific state or country. With a vision to enhance the entire entrepreneurial ecosystem in Madhya Pradesh and rise as top leaders and contribute to the economy, AIC-RNTU Foundation, supported by NITI Aayog under Atal Innovation Mission was founded in the year 2018 under the leadership of CEO, Ronald Fernandez and Director AIC-RNTU Foundation, Siddharth Chaturvedi.

To help companies expand their businesses while also raising awareness and encouraging entrepreneurship as a career option among students. Through numerous events, workshops, and mentoring sessions, AIC-RNTU has engaged and supported 350+ entrepreneurs while also creating 250+ jobs. We spoke with Siddharth Chaturvedi, who walked us through the entire AIC-RNTU ecosystem.

Read Excerpts:

Tell us about the INCUBATION facility. Where is it, and when did you start it?

Siddharth: AIC-RNTU Foundation, Bhopal is one of the leading Incubation centres of Central India, which is supported by Atal Innovation Mission, NITI Aayog. AIC-RNTU has today become Central India’s leading name in startup incubation and has been working to support the Start-up ecosystem across all the functions viz. funding, mentoring, handholding, industry connect, workshops, investor connects, events, competitions, new age labs & dedicated office space, etc.

AIC-RNTU is located at Raisen, Bhopal, Madhya Pradesh. The incubation centre was established in June 2018 and has been continuously supporting startups since then.

Could you perhaps share any case studies with us?

Siddharth: Medyseva Technologies Private Limited, a MedTech startup based out of Indore joined AIC-RNTU as an incubator at a very early stage. They were provided a seed fund support of INR 35 Lakhs by AIC-RNTU under Startup India Seed Fund Scheme. Medyseva is also a part of AIC-RNTU Discover Cohort 2022. The startup was provided mentoring and training through the vast pool of mentors associated with AIC-RNTU. AIC-RNTU also provided a market connection of 22000 centers in rural areas through the parent organization, AISECT Group to Medyseva. The startup recently raised an investment amount of INR 1.15 Crores from The Horses Stable (an Indian reality show created and conceptualized under the mentorship of entrepreneur and Bollywood actor Suniel Shetty).

Which companies are you currently sponsoring at the centre?

Siddharth: We have 74 startups incubated with us. As we are sector agnostic, the startups are from multiple sectors. Brands like Medyseva and Wonderlooms are some of the startups that have raised money from Angel Investors and VC Firms after being incubated at AIC-RNTU.

Is AIC-RNTU self-funded or do you receive funding from the government?

Siddharth: AIC-RNTU Foundation is an Incubation Centre supported and funded by Atal Innovation Mission, NITI Aayog. Atal Innovation Mission (AIM) is an ambitious flagship program of NITI Aayog. Under its aegis, Rabindranath Tagore University was selected to establish Atal Incubation Centre by Niti Aayog amongst the 1200 second-round applicants. AIM grant was used to set up the state-of-the-art infrastructure of the incubation centre.

AIC-RNTU has also received Startup India Seed Fund Scheme by DPIIT, and Nidhi – Seed Support Scheme by DST (Department of Science & Technology) to support and fund eligible startups.

What is the team size?

Siddharth: We are an 11 people team that includes Director, Chief Executive Officer, Assistant Manager, Incubation Officer, Assistant Incubation Officer, Accountant/Administration, Technical Person, Designers, and Consultant/Advisor.

Apart from this, AIC-RNTU also has a mentor pool of 80+ mentors, 50+ corporate partners, 30+ investors, and 10+ ecosystem partners to support the startups.

How do you manage training/workshops? Who conducts these sessions?

Siddharth: AIC-RNTU provides holistic exposure to promising startups. That’s why we have divided our incubation program according to the stage of the startups. Following is our Incubation Program :

Ideate Program: This program aims at helping innovation-driven startups in their cocoon stage to convert their invalidated business ideas into feasible prototypes. Under this program, we provide a dedicated technical mentor, access to our labs, access to co-working space, access to business mentoring sessions, patent support & corporate connections to startups. This is a 5-6 months program & expected outcome from the startup will be a feasible prototype that can be commercialised in a later stage

Discover Program: This program aims at startups who have their prototype in place but struggling with business models & customer acquisition. Under this program, we help them in making robust business models, and customer acquisition strategies and give them market access. Under this program, we provide a dedicated business mentor, access to our labs, access to co-working space, access to business mentoring sessions, patent support, access to a network, legal and accounting support, technical support, and H.R support. Duration – 9 Months

Growth Program: This program leads to investment, Under this program, we help startups in making their investment ready. Under this program, we provide a dedicated business mentor, access to our labs, access to co-working space, access to business mentoring sessions, patent support, access to the network, legal & accounting support, access to HNI’s/VCs, corporate connections & H.R support. Duration -3 Months.

AIC-RNTU enhancing the entire entrepreneurial ecosystem in Madhya Pradesh.(Photo:IANSLIFE)

A vast pool of 80+ mentors, which includes successful entrepreneurs from across the country, mentors from investment backgrounds, and domain experts are associated with AIC-RNTU for a holistic learning experience to startups. Startup training and workshops are mainly carried out through them.

AIC-RNTU has engaged and supported 350+ startups and created 250+ Jobs through various events- Please share more insights on this.

Siddharth: AIC-RNTU being an incubation center is working towards building a strong startup ecosystem in central India. For this purpose, we do multiple events which include conferences, investor networking events, business networking events, awareness and outreach events, etc. These events also help entrepreneurs gain the necessary exposure that they might not be getting otherwise.

Some of the prominent events include the EO Global Student Entrepreneur Awards (GSEA) which is a premier global competition for students who own and operate a business, Dream Startup Challenge – in association with CII, DCB Bank Innovation Carnival, Navonmesh Startup Idea Challenge, i4 Summit to identify and support innovation from rural areas of central India, etc. Over the years, startups and innovators have benefited from such events.

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Business India News STARTUPS News

BioAsia 2023 to host innovation zone for startups

BioAsia 2023

BioAsia 2023 will be held in Hyderabad from February 24 to 26…reports Asian Lite News

BioAsia 2023, Asia’s largest life-sciences and healthcare conference, will host a startup showcase, a platform for promising startups in the healthcare and life sciences ecosystem.

The Innovation Zone’ at the life sciences event, organised by the Telangana government, will feature a startup stage pavilion and an incubator pavilion.

BioAsia 2023 will be held in Hyderabad from February 24 to 26.

With its commitment to driving innovation, over 75 short-listed startups are being given participation fee waivers in addition to a free display booth. The event aims to provide promising startups focused on pharma, biotech, life sciences, health-tech and med-tech sectors a global stage to exhibit their innovative ideas, the organisers announced on Thursday.

The 20th of BioAsia is expected to attract the participation of more than 3,000 global participants from over 50 countries.

The Innovation Zone has received an overwhelming response from the startup community, receiving over 400 applicants from around the world, including from Singapore, Thailand, the US, Ireland, and the UK.

These startups will be provided space to showcase their invocation at the exhibition. The scrutinisation of the applications was based on peculiarity, affordability, and the idea/product’s ability to fulfil the demand.

PE and VC firms, investment banks, and angel investors have been invited to the event where budding startups will be given the opportunity to network and explore potential collaborations.

The participating startups will be provided access to all conferences and sessions along with an opportunity to network with the industry leaders. In due course, five startups will be selected by the jury panel to exhibit at the main BioAsia Valedictory session and will also be given exclusive pitch time for each team.

They will also be handed over a cash prize along with credits for Amazon cloud. The startup stage is being organised in partnership with Tech Mahindra and BIRAC, Government of India.

Jayesh Ranjan, Principal Secretary (I&C and IT), Government of Telangana, said that the sheer number of startup deals and funding is a testimony that Hyderabad has ascended to the country’s top five startup hubs.

“BioAsia has gained global repute through the impact generated by its 19 previous editions. Telangana is the proud home for this year’s Innovation Zone, which presents an enormous opportunity for distinctive startups,” he said.

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Business India News STARTUPS News

India now has nearly 27K active tech startups

Govt goes bullish on startups with ESOP holiday, tax relief.

India continues to be the third largest tech startup ecosystem globally…reports Asian Lite News

India added over 1,300 active tech startups last year, taking the total tally of active tech startups to 25,000-27,000, a Nasscom report said on Wednesday.

India continues to be the third largest tech startup ecosystem globally (after the US and China).

The country also added the second highest number of unicorns in the world, with over 23 added in the CY2022.

Simultaneously, the potential pipeline of unicorns expanded to over 170, growing at a pace equivalent to 2021, according to the report by the National Association of Software and Services Companies (Nasscom), in collaboration with Zinnov.

“Despite the current downturns, opportunities abound for innovative companies that are leveraging emerging technologies to create actionable impact while prioritising business fundamentals over growth,” said Debjani Ghosh, President, Nasscom.

Despite the headwinds, while total funding in CY2022 dropped 24 per cent over 2021, the annual investments at $18.2 billion were higher than the pre-pandemic levels of $13.1 billion in 2019.

The year also witnessed a significant investment focus on non-unicorns and unique startups.

Almost 1,400 unique startups received funding in 2022, 18 per cent higher than in 2021. Among these, 47 per cent of startups raised their first round in 2022, the report mentioned.

Both early-stage ($5.9 billion in CY2022) and seed-stage ($1.2 billion) investments grew between 25-35 per cent over 2021.

In 2022, tech startups in the seed-stage secured 1,018 investments.

Late-stage investments bore the brunt with a decline of 41 per cent in deal sizes greater than $100 million, due to considerable correction in the global public markets.

“What is remarkable is the ecosystem’s maturity, where founders are intentionally prioritising profitability over valuation and the investor trust, despite macroeconomic variables at play. This will pave the way for growth in 2023 and beyond,” said Pari Natarajan, CEO, Zinnov.

Tech startups are expected to continue increasing innovation and deep-tech adoption, particularly in areas related to SDGs (Sustainable Development Goals) that require complex solutions, the report said.

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STARTUPS News UAE News

ME startups pitch at SPARK ignite in Amsterdam

The startup has recently also won a booth at Italy’s Web Marketing Festival, as part of the Startups Without Borders Delegation…reports Asian Lite News

Startups Without Borders and SPARK have just concluded the semi-finals of the Startups on the Move Incubation program, where 10 startups from Palestine, Lebanon and Iraq qualified to travel to Amsterdam for the Final Pitch Competition, at the SPARK Ignite Conference.

The incubation program, built with support from Google, kicked off last April to take 130 startups from Palestine, Iraq, and Lebanon through a journey to transform their ideas into thriving businesses. 

The program is the first of its kind in the region, devoted to refugee and local entrepreneurs who are building ventures against the odds with resilience and grit. Hailing from remote areas such as the Gaza strip, war-torn Mosul, and Saida, the startups are innovating across industries as diverse as CleanTech, EdTech, VR, and AgriTech.

Through a series of online training sessions, a network of 100+ international mentors, and networking events in Ramallah, Beirut and Erbil, the incubation program harnessed the ingenuity of diverse founders, connecting them to a global network of entrepreneurs, investors and mentors.

The semi-finals, held on 1-3 August online, included a high-profile panel of judges, including Muneer Zuhdi, CTO of Nokia Enterprise China, India, and MEA; Nicholas Rouhana, Chairman and CEO of IM.FNDNG, Victoria Mehran, Venture Partner at Expert Dojo, Sofia Queiroz, VC at Mustard Seed Maze, Ahmed Eid, Portfolio Manager at 500 Global, and Diego Arias Garcia, Investment Associate at Plug and Play.

The 10 semi-finals are now headed on an all-expense paid trip to Amsterdam, where they will pitch during SPARK’s Ignite conference on September 13th, for a $10,000 cash prize for first place, and $5,000 for second place.

From Agri-tech disruptors to EdTech pioneers, these are the four startups taking off to the Netherlands:

  • DonaLeb, Lebanon

Founded by Yasmine Darwich, DonaLeb is the fitness and wellness app that helps businesses engage their teams and nonprofits to fundraise. We create gamified virtual challenges to connect companies with CSR while they promote health and wellness in their teams. The startup has recently also won a booth at Italy’s Web Marketing Festival, as part of the Startups Without Borders Delegation.

“DonaLeb’s experience with Startups Without Borders has been more beneficial to us than words could express, providing us with opportunities we could have only dreamed of. Reaching the final stage is only our first step though; here’s to collecting more and more,” says Yasmine.

  • Nabeeh, Palestine

Nabeeh is a Web and Mobile App platform for users to get on-demand home and Healthcare quality services conveniently. The startup, led by brothers Fawaz and Saber Samara, raised their first investment round during the incubation program and began expansion to Saudi Arabia.

  • Green Gold, Iraq

Green Gold creates organic compost and potting soil for Farmers and local agriculture suppliers to fulfill the need for compost and reduce food waste pollution. 

“I am proud to be part of the program; it had a very positive impact on the project’s vision in various aspects, as the goals developed and helped me discover new channels in the local and international market,” says founder Marwah Read Taha.

“As the only qualified founder from Iraq, I believe this competition will help the expansion of the project to increase productivity and environmental awareness in Iraq, thus creating more job opportunities for women and encouraging young people to engage in green entrepreneurship,” she concludes.

  • SunCode, Lebanon

Suncode is developing a convective solar drying machine allowing a safer, faster, and easier drying of food products than the conventional drying method used currently, with zero operational cost.

“The idea came up while working with farmers, as I noticed that the biggest problem they have is the overproduction – which leads to them selling produce at the cheapest prices,” says founder Haydar Mohamad Sleiman. “So we came up with this solution to produce dried vegetables, increase their income and save their crops,” he explains.

  • Blue Filter, Palestine

Blue Filter is a chemical-free, environment-friendly system developed to purify underground water from nitrates and salts. Blue Filter presents a simple and cheap solution for sanitizing water,  decreasing the percent of Nitrate from 100% to 2 % and chloride from 100% to 40 % for farmers, through environmentally friendly methods.

  • CONCAT, Lebanon

CONCAT is the first women-led Web Development Agency which aims to create top quality websites whilst providing long term, sustainable employment for talented, marginalized communities.

“The program has been a great opportunity for the CONCAT team, especially when it comes to developing our business model in the sessions. We’ve really enjoyed connecting with all of the other amazing startups who are all so aligned with our mission of creating sustainable employment for marginalized people, says founder Laura Jardine Paterson.

  • Hala Trips, Palestine

Hala Trips is an Arabic language platform for booking tours and hotels in over 1.7M Hotels around the world. “We are very happy to have won amongst a large number of participants and the very strong competitors in this special program; we are now excited to win in Amsterdam,” said founder Razan Abutawaheena, who is based in Gaza.

  • Dooda Solutions, Lebanon

Founded by Nada Ghanem, Dooda Solutions is a woman-led earthworm farm specialized in raising worms and producing premium grade vermicompost.

  • Eyiada, Palestine

Eyiada is a medical platform that connects patients with the most suitable healthcare providers according to their customized cases, allowing them to have online medical consultations with them and making quality healthcare more accessible and convenient.

“I’m very excited to present our startup internationally in Amsterdam and take it to the next level. It was one of my hardest pitching competitions. For me, being a Palestinian under Israeli occupation, this opportunity is a small attempt to break down our borders of restricted mobility and lack of opportunities. We’re working to bring down our own walls and set forth in a new era of innovation and entrepreneurship,” says founder Momen Abusaada.

  • Sook.ps, Palestine​​​​​​​​​​​​​​

Full E-commerce Platform that allows customers to find their desired products in a safe and entertaining way, while also enabling vendors to expand their markets and boost their sales.

The final pitching event will take place on September 13th during the IGNITE Conference, and will be streamed live on Startups Without Borders’ Facebook page and Instagram

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STARTUPS News

Startup CEO salary increased by 2.7% in 2022

Startup CEO salaries vary by the amount of venture/seed funding that the companies have raised…reports Asian Lite News

The average startup CEO salary increased by 2.7 per cent in 2022 to reach $150,000 per annum globally from last year, while the median increased to $140,000, according to a new report.

According to startup accounting firm Kruze Consulting, in 2022, chief executives at early-stage companies that have raised over $10 million in financing were paid just $199,000.

“Founder CEOs at companies that have raised under $2 million were paid $106,000 on average — a difference of over $90,000,” the report mentioned.

Startup CEO salaries vary by the amount of venture/seed funding that the companies have raised.

The accounting firm looked at data from over 250 seed and VC-backed startups.

It found that average represents a 7.9 per cent increase in pay from 2020, when CEO wages went down owing to the Covid-19 pandemic.

Companies that raised over $5 million and over $10 million in funding saw their CEO pay go up by 7.5 per cent and 13 per cent, respectively.

“However, startups with more limited funding saw their CEOs make less, by about 7 per cent, than in 2021,” the report mentioned.

The report found three primary drivers for this behaviour.

“Firstly, and most obviously, companies with more funding are better able to pay their CEOs. Secondly, the increased CEO salaries recognises that these CEOs are more effective at fundraising, much like how compensation increases for CEOs in mature companies that generate greater profits,” said Healy Jones, VP of Financial Planning & Analysis for Kruze.

“Finally, startup culture can generate pressure to not take salaries,” Jones added.

Biotech and pharmaceutical companies tend to have the highest CEO compensation, with seed funded companies paying their CEOs nearly $161,000.

Healthcare companies had lower founder/CEO pay.

“We realised that this is because of the rise of D2C healthcare companies, which tend to seem more like SaaS businesses and less like a healthcare company with a CEO who has an advanced degree,” the report mentioned.

During Covid, the average startup CEO salary dipped 2 per cent to $139,000, but bounced back to $146,000 at the beginning of 2021.

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Business STARTUPS News USA

US based Rise Capital to launch operations in India

India is currently the third largest startup ecosystem globally, after the US and China…reports Asian Lite News

San Francisco-based investment fund Rise Capital announced it is launching its India operations and will invest in early-stage startups through its global fund III.

The VC fund said tech startups in India will create well over $1 trillion in M-Cap by 2030.

“We are quite bullish on the Indian venture space and remain committed as we are a long-term player. Our ability to spot high potential startups as demonstrated in other emerging regions gives us the confidence to deploy a significant part of our global fund in India,” said Nazar Yasin, Managing Partner, Rise Capital.

Rise Capital is known for investing in emerging economies like Latin America, the Middle East and North Africa (MENA) region, South-East Asia and Africa.

India is currently the third largest startup ecosystem globally, after the US and China.

Rise Capital has hired Anuj Mehta as its first investment team member for the development and implementation of its India investment strategy.

“We bring unique value to our portfolio companies because all of our partners are former operators who have helped build $1 billion plus tech companies across emerging economies,” said Yasin, ex-Tiger Global and Goldman Sachs executive, and former CEO of Forticom.

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Deep tech platform Instoried secures $200 mn from GEM

Instoried aims to go public via SPAC (special purpose acquisition company) or the traditional IPO route…reports Asian Lite News

Deep tech platform Instoried on Thursday said it has secured $200 mn commitment from global investment group GEM Global Yield, and will use the funds to expand operations globally and develop artificial intelligence (AI)-based content generation tools.

Led by a woman founder, Sharmin Ali, Instoried uses AI to help people write original and more lively content, make messaging crisper, improve headline impact, improve empathy and tone.

Utilising 30 million data points, the platform’s proprietary algorithm powers a top-notch collaborative content creation tool that provides instant feedback in real-time.

“Instoried helps people convey the proper tonality in everything they write from email to blogs, from marketing copy and advertising to long-form articles,” said Sharmin Ali, also the CEO of Instoried.

The platform will further invest in its technology to add a Google Chrome extension, a WordPress plug-in and other elements to its product portfolio.

Under the agreement, GEM will provide a share subscription facility of up to $200 million, to be drawn at the option of the company, for a 36-month term following a public listing.

Instoried aims to go public via SPAC (special purpose acquisition company) or the traditional IPO route.

Additionally, the platform has plans to grow its executive team and presence globally.

For the India market, Instoried will focus on hiring for leadership and technology roles, develop the tech stack to launch their own content generation tool and invest in marketing in India and Asia markets.

GEM is a $3.4 billion, alternative investment group with offices in Paris, New York and the Bahamas.

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