nVENTURES COLLABORATES WITH GOOGLE, ASPIRE AND USAID FOR SOUTHXCHANGE

nVentures recently partnered with Google, Aspire and the USAID CATALYZE Sri Lanka Private Sector Development (PSD) Activity for SouthXChange in Singapore – a gateway to the dynamic markets of South Asia that boasts opportunities for growth and innovation.

Innovative startups from Sri Lanka, Bangladesh and Pakistan were showcased at the event held in Singapore, which brought together venture capitalists (VCs) and investors.

Q: Tell us about nVentures and what sets it apart as a key player in supporting startups from South Asia…

A: We’re a venture capital fund licensed under the Monetary Authority of Singapore. Our primary focus is on B2B startups solving regional problems in the fintech and fintech adjacent domains.

As founders, we’ve built, scaled and exited startups ourselves. We’ve worked with investors from around the world and understand what they look for. And thirdly, nVentures has sold tech products to customers in multiple countries. We leverage all these learnings to empower the next generation of entrepreneurs.

We’re also heavily integrated in the Singaporean startup ecosystem. We work with world renowned accelerators and VC firms that are experienced in accelerating startups. Once we identify promising startups from South Asia, we promptly introduce them to our network. Only a few local VCs boast such a comprehensive ecosystem, giving us a distinct advantage.

Q: What motivated nVentures to showcase 15 startups through SouthXChange?

A: Sri Lanka, Pakistan and Bangladesh are emerging markets within South Asia. What we mostly hear about these countries are the sociopolitical challenges. Yet, these countries are home to some of the most resilient people in the world.

We have experienced this firsthand as we’ve made investments in these markets. Talent is universal but opportunity isn’t. This was our main motivation to launch SouthXChange. nVentures believes that founders learn from founders.

Despite being from three different countries, the challenges that entrepreneurs face are similar. By bringing everyone together, SouthXChange acts as a platform to learn, share and form lifelong partnerships.

Additionally, Singapore is a mature and diverse startup ecosystem. Founders from these countries gain valuable insights and exposure from an ecosystem that’s built on meritocracy. Therefore, the wider VC community in Singapore also learnt about what’s happening in these three countries.

Q: How does SouthXChange serve as a platform to highlight Sri Lanka’s resilience on both a global and regional scale?

A: Historically, Sri Lanka has excelled in developing product companies – particularly in B2B, enterprise, software products and fintech – showcasing a proven track record in these niches.

For example, Sri Lanka built and scaled the world’s fastest trading platform at the height of the conflict, which was later acquired by LSEG.

Sri Lanka is significantly smaller in size compared to the other two countries. Yet, our four startups are punching above their weight.

For instance, Mintpay crossed US$ 2 million in gross merchandise value (GMV) in a short time span and has been cash flow positive since April – a remarkable achievement given the economic crisis we faced. Kaiju Labs is building the payments infrastructure for Web3 and it’s backed by Ripple, a leading US-based technology company.

SouthXChange attracted over 75 investors including leading VC funds, family offices, Tier I incubators and accelerators, and Singaporean government agencies. Sri Lanka is well known for tea, tourism and textiles and now, we’re known for technology. 

Q: Explain the significance in partnering with Google Singapore and USAID CATALYZE PSD in Sri Lanka for SouthXChange…

A: nVentures is a two year VC fund, and partnering with Google, Aspire and USAID CATALYZE PSD was an honour that highlights how we’ve contributed to the growth of local companies. Our commitment to being founder friendly isn’t merely a claim – it’s evident through our portfolio companies’ visibility and participation in larger accelerators.

Sharing the stage with Google and receiving support from USAID CATALYZE PSD added a significant dimension, crucial for amplifying the stories of these startups to a broader audience.

Google’s involvement was pivotal with different teams collaborating with our startups, conducting workshops on leveraging AI, YouTube, ads and more, and this was an exclusive knowledge opportunity.

Furthermore, we’re excited about enhancing the startup ecosystem with continued support from USAID CATALYZE PSD – specifically focussing on boosting the funding readiness of entrepreneurs in Sri Lanka.

Aspire, known for cross-border transactions across many countries, facilitated workshops on building cultures during SouthXChange. Glints, an online job recruitment platform headquartered in Singapore, also shared how it grew rapidly and the nuance in expanding a startup in Southeast Asia.

Q: What are the different support avenues available for the ecosystem presently – and what challenges persist?

A: We’ve structured the ecosystem support to mirror that of Singapore, establishing infrastructure under Singaporean regulations and utilising the talent in Sri Lanka to bolster our local ecosystem. Drawing insights from advanced ecosystems, we’re actively pitching and collaborating with stakeholders and partners to elevate our local ecosystem.

The key is recognising that startups can grow faster than the ecosystems. Much needs to occur in Sri Lanka including the establishment of regulations for fund setup, stringent regulation, tax structures and access to grants. Rather than merely tapping into existing ecosystems, we’re involved in building and shaping them.

– Compiled by Tamara Rebeira
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