ArkoPay, Cellivate Technologies and Tenang AI wow investors on finale of The Big Spark for shot at seed funding
Singapore, 22 March 2024 – Presenting the biggest sparks in Southeast Asia’s start-up scene: ArkoPay, Cellivate Technologies and Tenang AI! Through the maiden season of The Big Spark, they impressed and inspired judges and viewers alike, ultimately securing a total of more than $4.8 million in committed funding from seven venture capitalists (VCs) in the final episode of Mediacorp’s business reality show which aired on CNA this evening.
Developed in collaboration with Elevandi and TiE Global Summit, together with internationally acclaimed producer and director Jonathan Glazier, The Big Spark was unveiled in November 2023 as a new initiative by Mediacorp to connect aspiring gamechangers with investors who can provide the support they need to bring their dreams to life.
Over eight weeks, 24 shortlisted teams came together to present their business ideas to resident judges Roshni Mahtani Cheung and Lim Wai Mun and other guest judges, as well as hone their business acumen and presentation skills with a series of masterclasses. Through eliminations, five remaining teams – ArkoPay, Cellivate Technologies, PharLyfe+, Snap Robotics and Tenang AI – emerged as finalists and took to the stage in the finale to pitch to some of the region’s most prominent VCs in the hope of securing seed funding to scale up their businesses.
ArkoPay, a fintech firm from Indonesia, impressed the VCs with their one-stop financial solution for small and medium-sized construction businesses. Laura Lukito, Co-founder & CEO, and Asri Anjarsari, Co-founder & COO, described how their solution provides a holistic financial tool and closed-loop financing for the construction value chain. In total, they received an offer of S$405,000 in funding pledged by five VCs.
“Taking part in The Big Spark has given us huge exposure around the world and we’ve even gotten inquiries from potential clients in places as far as the United Arab Emirates,” said Laura Lukito, Co-founder & CEO of ArkoPay. “The show has certainly opened many doors and allowed us to meet more potential clients, investors and business partners.”
Singaporean biotech company Cellivate Technologies was next to win the VC’s support with its animal-free, cell-based solutions. Founder & CEO Dr Viknish Krishnan-Kutty presented its business of developing proprietary products and technologies for cell-based companies in the cultivated meat, cosmetics, and leather industries. Cellivate Technologies was offered an eye-watering total of S$4.15 million in funding pledged by five VCs, with Sebastian Togelang / Rigel-Farro Capital alone offering S$3.35 million.
“This experience of being on the show has been incredible,” said Dr Viknish Krishnan-Kutty, Founder and CEO of Cellivate Technologies. “The company’s funding situation was very bad last year. Our team has been bootstrapping and we were so close to giving up on what we are doing. Winning The Big Spark has shown us that we are on the right track. The funds will also allow us to continue our work and take it to the next level.”
Lastly, another Indonesian start-up, Tenang AI, moved the VCs with their mission of providing mental health support to the masses through their self-developed platform. Salma Dias Saraswati, Co-founder & CEO, and Andre Huang, Co-founder & COO, detailed how their firm leverages Generative AI to scale an affordable, accessible, and safe mental health platform for Gen Zs and Millenials with mental health issues. In total, Tenang AI were offered $300,000 in funding pledged by five VCs.
“Securing funding on the show has provided us with the necessary resources to bring Tenang AI to more Gen Z users in Indonesia,” said Salma Dias Saraswati, Co-founder & CEO of Tenang AI. “We can now extend our runway expand the team and make our product even better. The Big Spark has been a gamechanger for us.”
In line with the terms and conditions of the competition, the investors are currently conducting due diligence checks on all three finalists. The final amounts of funding awarded may differ from the amounts committed on the show, pending the outcomes of the checks. Please refer to Annex A for the amounts of funding pledged for each of the three start-ups, and Annex B for quotes by the VCs.
Separately, the final episode of The Big Spark saw our partners tipping their hats to other notable pitches. The Changemakers Award, presented by Hatch, was bestowed upon Singapore agritech firm Farmio for their innovative idea that leveraged AI to secure food supply chains; while the Financial Inclusion Award, presented by UOB, went to Thai fintech firm Bixie for their efforts in making financial advice and education available to women across Southeast Asia.
Virginia Lim, Chief Content Officer, Mediacorp, said, “Over eight weeks, The Big Spark has brought us a captivating mix of emotions – showcasing passion, perseverance, determination, and above all, inspiration. We are proud to have leveraged our creative and production strengths to spotlight some of the region’s brightest entrepreneurial minds, while inspiring the next generation of changemakers. A big 'thank you' to our partners and audience for their support, and best wishes to all our start-ups as they take the next leap in their business endeavours!”
For more information on The Big Spark, as well as news and resources for start-ups, please visit www.channelnewsasia.com/the-big-spark
Annex A – committed funding for each start-up
|
Venture capitalist |
Amount committed to ArkoPay |
Amount committed to Cellivate Technologies |
Amount committed to TenangAI |
|
Vanessa Ho Co-Founder, Fintech Nation |
$100,000 |
Nil |
Nil |
|
Visa Kannan Partner, Saison Capital |
$130,000 |
Nil |
Nil |
|
Jussi Salovaara Co-Founder & Managing Partner, Asia, Antler |
$50,000 |
$500,000 |
$100,000 |
|
John Sharp Co-Founder & Managing Partner, Hatcher+ |
$75,000 |
$100,000 |
$50,000 |
|
Sebastian Togelang, Rigel-Farro Capital |
Nil |
$3,350,000 |
$50,000 |
|
Neeraj Tyagi Co-Founder and CEO, We Founders Circle & Invstt / Co-Founder & Partner, Avinya Ventures |
Nil |
$100,000 |
$50,000 |
|
Anuj Golecha Co-Founder, Venture Catalysts / 9 Unicorns |
$50,000 |
$100,000 |
$50,000 |
|
Total |
$405,000 |
$4,150,000 |
$300,000 |
Annex B – quotes by VCs
|
Venture capitalist |
Quote |
|
Fintech Nation |
Vanessa Ho, Co-Founder, Fintech Nation: “All the start-ups show great potential and demonstrated clear vision of how they would take their business forward. The ultimate decision when investing in a start-up depends on whether the business models are poised for sustainable growth, in addition to scrutinising revenue strategies, customer outreach, founder equity, unit economics, contribution margins, and founders’ histories. Arkopay’s founders are revolutionising embedded finance for Indonesia’s SMEs, aiming to significantly impact these enterprises.” |
|
Varun Mittal, Founder, Fintech Nation: “Our objective is to support ASEAN founders and their teams capable of adapting to the startup environment's inherent instabilities, fostering sustainable growth. The Big Spark is a great platform for enabling community engagement. We look forward to our participation in Season 2 and offering unwavering support to founders, extending well past the show's conclusion." |
|
|
Visa Kannan Partner, Saison Capital |
"At Saison Capital we believe that fintech is or will be embedded into every company and especially in the B2B Commerce space. Leading with credit is probably the most effective value that a company can bring to the ecosystem and Arkopay's mission to do this in the construction space really resonated with us. We also loved that there were two women trying to break into what is considered a "male-dominated" industry. For these reasons we made an offer during the show. A show like The Big Spark invigorates the entire ecosystem. I wouldn't be surprised to see more consumer-facing companies and brands try and launch products in time for the next installment of the show to gain momentum from being featured on The Big Spark. We need SEA to celebrate entrepreneurship more - recognise how hard it is at times, but also how satisfying and The Big Spark helps do this by capturing a founder's journey across its episodes.” |
|
Jussi Salovaara Co-Founder & Managing Partner, Asia, Antler |
"As a leading early-stage VC, I am thrilled to be an investor in Cellivate's cutting-edge cell technologies platform, which holds immense potential to disrupt industries reliant on animal-derived products. Their innovation paves the way for a business model that is both profitable and instrumental in fostering a more sustainable future. We are also proud to invest in Tenang AI's innovative mental health solution leveraging AI for social good—addressing a vital need in today's society. These investments underscore our commitment to backing exceptional founders addressing meaningful opportunities and challenges.
I'm certain there are even more founders out there innovating for a better future, and The Big Spark has been an inspiring platform that exemplifies the dynamic entrepreneurial spirit thriving in Southeast Asia. We look forward to more initiatives fostering the region's entrepreneurial ecosystem and surfacing the next generation of game-changers." |
|
John Sharp Co-Founder & Managing Partner, Hatcher+ |
“Our decision to invest in startups like Tenang AI, Cellivate, and ArkoPay was driven by their innovative solutions, strong teams, and potential for scalability. Each of these startups demonstrated a clear vision and a solid business model that aligns with our investment philosophy at Hatcher+. We are excited to support their growth and contribute to their success in the dynamic Southeast Asian market. The Big Spark has been a remarkable platform for showcasing the vibrant startup ecosystem in Southeast Asia. It was a privilege to be a part of this initiative as an investor. The show not only provided valuable exposure for the startups but also offered insightful perspectives on the challenges and opportunities in the startup landscape. I look forward to seeing the continued impact of The Big Spark on fostering innovation and entrepreneurship in Southeast Asia - and hopefully joining you for season two.” |
|
Sebastian Togelang, Rigel-Farro Capital |
"After witnessing and evaluating the business and its founders I am pleased to acknowledge the commendable innovation and problem-solving acumen demonstrated by all participating ventures. The candidates showcased commendable presentation skills and exhibited a positive demeanor throughout. The markets addressed by these ventures exhibit promising potential and serve critical needs. Recognizing the scarcity of existing solutions, the ventures' potential to address these gaps presents significant opportunities for growth and impact. I value The Big Spark platform for its support of entrepreneurs and startups in Singapore and Southeast Asia, providing them with valuable exposure and mentoring. Engaging with a variety of startups through this initiative has facilitated more discussions and connections, potentially inspiring additional founders and sparking innovations. The determination and creativity displayed by individuals in this community are truly inspiring. Keep up the great work in supporting the regional entrepreneurial ecosystem.” |
|
Anuj Golecha Co-Founder, Venture Catalysts / 9 Unicorns |
“We truly appreciate the show format as it closely resonates with our ethos of supporting and investing in early-stage startups. Thanks to The Big Spark, we've had an amazing experience of connecting with passionate and impactful founders dedicated to innovating and addressing global challenges. Encountering such committed entrepreneurs striving to solve global problems with efficient and scalable solutions has been truly inspiring. The presentations, owing to the mentors' guidance and rigorous mentoring exercises, were of exceptional quality and thoroughly considered. We eagerly anticipate encountering even more intriguing, innovative, and promising startups in the future. The upcoming seasons hold the promise of further collaboration, and we're eagerly awaiting the continuation of our partnership. We extend our heartfelt appreciation to the production team, mentors, participating entrepreneurs, and our fellow VCs for their invaluable contributions to this enriching experience.” |
