The Venture Codex

Participated · Series A · Aug 2021

Lifepal operates an online marketplace where customers compare and buy insurance from more than 50 providers offering about 300 policies across life, health, automotive, property and travel. The platform pairs self-service comparison and educational content (Lifepal Media) with licensed agents on a customer support line — roughly 90% of customers use that support. Lifepal says its site and blog attract about 4 million monthly visitors, creating a funnel for the marketplace; about 60% of its health and life customers are first-time buyers. The company uses a recommendation engine that considers budget, age, gender, family composition and prior insurance to match customers with policies and support; its customers typically spend about 3%–5% of yearly income on insurance. Lifepal plans product launches to streamline claims, including an Insurance Wallet to guide application and claims processes and an Easy Claim product to automate claims. The company, founded in 2019 and based in Jakarta, reported rapid growth (cited as 12X last year) and is targeting end-to-end customer retention from research to renewal and claims.

Led · Series C · Jun 2021

PONHU operates a whole-industry-chain online and offline platform for ToB and ToC secondhand luxury goods trading, offering services including recycling and resale, finding and ordering, identification and valuation, maintenance, and sales. The company has expanded beyond online services into livestreaming and an offline flagship store in Sanlitun, Beijing, aiming to combine supply chain, livestreaming, and physical retail. PONHU is also exploring new businesses such as brand agency and brand incubation. The company reported rapid business growth last year, posting 3 billion yuan in GMV. Its recent financing activity indicates continued investor support amid consumption headwinds. Ponhu Luxury operates a distribution platform for idle luxury goods and provides full industry-chain services covering both C- and B-end customers while integrating online and offline channels. Unlike many competitors' light-asset consignment and MCN models, Ponhu has followed a heavy-asset approach emphasizing appraisal-first, price discovery and buyout control. The company has strengthened technology-driven and supply-chain capabilities, including goods recovery and control networks, product-pricing algorithms, remote intelligent luxury appraisal and valuation systems, multiple sales channels and a large group of high-spending customers. Management says it developed a livestreaming-based 2C business model that grew rapidly during and after the COVID-19 epidemic, supported by supply-chain strengths and organizational iteration. Ponhu plans to continue integrating online and offline channels, incubating trendy national brands, and exploring possible offline stores and brand empowerment. The company will use the latest funds to improve core data and supply-chain capabilities, investing in AI appraisal technologies, price-algorithm training and intelligent supply-chain upgrades as it seeks to become a sustainable fashion ecosystem.

Participated · Seed · Mar 2019

Kargo applies ride-hailing concepts to trucking and logistics, allowing business customers to order trucks through a mobile app or website while partnering with truck operators and third-party logistics providers. The company has implemented safety measures for drivers, including disinfected pit stops and electronic proof of delivery to limit physical contact. Kargo has partnered with charitable organizations to deliver meals and medical supplies to hospitals and formed a $1 million relief fund for truckers; employees have contributed salaries and CEO Tiger Fang is not taking a salary for the next year. The startup has amassed more than 6,000 active shippers and a network of over 50,000 trucks across Indonesia. Investors include Silicon Valley and regional firms, and Uber founder Travis Kalanick is among its backers. The company plans to scale operations in Indonesia using the new capital and its platform capabilities. Kargo operates a mobile app and website that lets business customers order trucks while connecting them directly to truck operators and 3PLs rather than individual drivers or brokers. The platform aims to remove middlemen, increase pricing transparency, improve service quality and raise earnings for transporters. The company is initially focused on FMCG verticals, is piloting with a couple of large FMCG companies, and reports access to “thousands” of trucks on the supply side. Kargo launched in beta earlier this year after being started late last year by CEO Tiger Fang (an ex-Uber Asia executive) and CTO Yodi Aditya. The team is roughly 50 people, with a large chunk of staff drawn from Uber Asia. Management says it plans to expand across Southeast Asia and potentially beyond as it scales.

Led · Series A · Sep 2017

ReWork operates collaborative co-working spaces and membership services, targeting established companies and corporate clients as its core customer base. The startup currently runs two locations in Jakarta and plans to add four more in the city within six months, with subsequent expansion to Bali and Bandung and potential moves into the Philippines and Malaysia next year. Its typical commercial model is revenue-sharing with property owners, and it is negotiating joint ventures with larger real estate firms to scale more rapidly. ReWork has a partnership to open small outposts alongside commercial property group Ismaya to broaden member access and reach new demographics. The company says it will integrate technologies and apps with strategic investor UrWork, and investors have praised its rapid member and revenue growth, healthy margins, and strong retention. ReWork is positioning itself as a landing platform for Chinese companies entering Indonesia and to support both local and overseas firms through its collaborative workspace network.