East Ventures, a venture capital firm in Southeast Asia, sees six of its portfolio companies included in the prestigious 2024 Forbes Asia 100 to Watch 2024 list, the annual award categorization that showcases small companies and startups in Asia-Pacific that grabbed investors’ attention − and their checkbooks.
Collectively, these firms have drawn over US$2 billion in total investments to date, with 83 of them raising money since the start of 2023. Some companies that are spotlighted tell a story of steady growth, underscoring that success is not an overnight feat, while others have quickly gained traction to secure a foothold in some of the world’s hottest industries, such as biotech.
Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India, a hotbed of startups, has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8).
“This recognition is a testament to the extraordinary innovation, dedication, and hard work demonstrated by these teams. We have always believed in empowering visionary founders who strive to make a meaningful impact in their respective industries, and this acknowledgment underlines their significant contributions further,” Melisa Irene, Partner at East Ventures, said in a statement on Tuesday, August 27, 2024.
The six portfolio companies listed are as follows:
ESQA Cosmetics
Childhood friends Cindy Angelina and Kezia Trihatmanto founded ESQA, which claims to be the first vegan cosmetics brand in Indonesia. ESQA now offers a wide range of cosmetics and skincare products that are sold online, as well as through retailers such as Sephora, Sociolla, and Watsons. The beauty startup has expanded into Vietnam and Singapore and is eyeing other Southeast Asian markets. It raised a US$6 million series A round in 2022 participated by East Ventures. ESQA says it became profitable after just two years of operations.
Gravel
Jakarta-based Gravel makes it easy to hire construction workers either on a daily basis or per project. The company also offers maintenance services and sells building materials. It says it has helped with 6,000 projects in 20 Indonesian provinces and some 1.7 million construction workers are listed on the platform. The company has raised a total of US$14 million in funding from investors such as East Ventures.
East Ventures has invested in Gravel since December 2023.
Lista
Lista offers an app that helps individuals and small businesses in the Philippines manage their finances. Its analytics tool tracks spending habits and cash flow, and users are alerted to upcoming bills. Lista has raised over US$5 million in funding and says its app has been downloaded more than 2.5 million times. It gets 75 percent of its revenue from selling credit scores to consumers while the rest comes from referral fees from financial institutions.
East Ventures has invested in Lista since November 2021.
McEasy
McEasy helps companies monitor their transportation fleets with software and other tools like cameras, GPS, and sensors. Customers include state-owned oil and gas company Pertamina and Jakarta-based logistics company JNE. In June, McEasy raised series A+ funding participated by East Ventures, following an earlier US$6.5 million round led by East Ventures in 2022, bringing its total series A funding to US$11 million.
East Ventures has invested in McEasy since September 2021.
Mesh Bio
Mesh Bio creates a digital replica − or “twin” − of a patient’s body to gain insight into the potential response to various treatments and therapies for chronic diseases. Mesh Bio is working with hospitals in Singapore to predict the risks of patients developing kidney damage from type 2 diabetes. In January, the company raised US$3.5 million in series A funding from investors led by East Ventures.East Ventures has invested in Mesh Bio since October 2023.
SaladStop! Group
SaladStop! Group sells meals that appeal to the health-conscious: the SaladStop! brand, grain bowl brand Heybo, sushi takeout line Wooshi, and catering service FreshKitchen. Cofounded in 2009 by father-son duo Daniel and Adrien Desbaillets, the company is also led by Daniel’s daughter Katherine and son-in-law Frantz Braha. It has operations in Singapore, Hong Kong, Indonesia, Vietnam, South Korea and the Philippines, with over 800 employees and 75 outlets. In 2021, SaladStop raised S$12 million (US$9 million) in a series B investment round participated by East Ventures, and more. East Ventures has invested in SaladStop! since 2021.
