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Last week, Pluang announced their US$55m Series B raise.
Pluang co-founders, Claudia and Richard, realised during their time at Harvard Business School that Indonesians didn't have the same opportunity as Americans to create wealth. Less than 0.2% of its 250M population invested. Two years after graduating, Claudia and Richard started Pluang, an all-in-one investment platform, that enables Indonesian's to invest in a range of diverse asset classes such as Gold, S&P 500, Crypto and Mutual Funds.
We are thrilled to announce that last week we led Pluang's US$55m Series B. The following investment notes, written by Square Peg partner Tushar Roy, details the incredible ambition of the team to seize an opportunity to empower a generation in Indonesia to create wealth via investing.
Portfolio news
Graphic design platform, Canva raised a further $200M earning a valuation of $40B. Via Forbes
Entering a new stage of growth, ecommerce startup Rokt have appointed Goldman Sachs veteran Laura Mineo as CFO. Via Dodo Finance
Leading rental e-scooter startup Neuron have extended their trial in Sunderland, UK for a further 6 months. The e-scooters have been embraced by locals, with 86% of riders believing that they have created a positive impact on the city. Via Sunderland Echo
Today I have a few nuggets for those interested in crypto, given the incredible innovation we see in the space.
Chris Dixon of a16z has been one of my favorite writers in crypto for years, and I enjoyed his recent thread, articulating a special time in the evolution of tech we are all currently living through. Via Twitter
The internet was designed so that no part of the system was central to its operation - the same is being said about Bitcoin, Ethereum and other crypto networks. Dubbed an anti-fragile system, this article by Fred Wilson helps explain why decentralisation actually matters and that miraculously - it kind of works. Via AVC
The non-fungible tokens (NFTs) space has been quietly growing over the last few years, with this year marking a major inflection point in its evolution. Packy McCormick takes a unique approach and analyses NFTs as a social network using the Status-as-a-Service framework. Coined by Eugene Wei, Status-as-a-Service classifies social status as a form of capital and humans as 'status-seeking monkeys'. This article is slightly longer, and goes deeper into these concepts for those interested in diving deeper. Via Not Boring
Sherrie Zheng, Investment Intern in Sydney. Find her on Linkedin.
Fast fashion e-commerce companies have always struck me as enigmas. Why are customers going back when product quality is hit or miss? How do they capture trends at such a high pace? How do they grow at >100% in a crowded market? Not Boring's exposé on Shein's 'Real-Time Retail' flywheel tells all - from gamification of the shopping experience, to its ultra-powerful algorithms. Via Not Boring
I love the company Ovira, and this drove me to learn more about health-tech companies that focus on women, with Ann Roberts from Flo Health, Lea von Bidder from Ava and Dr. Peter Kecskemethy of Kheiron Medical on Exchanges at Goldman Sachs. I particularly enjoyed Lea's account of her love-hate relationship with the controversial 'Femtech' term. Via Google Podcasts
It's very rare that I listen to something mentally stimulating when I go running, but yesterday was an exception. I don't think I've come across a mental health conversation that is as honest, raw and refreshing, as Harry Stebbings' interview with Nick Mehta on 20VC. The Gainsight CEO speaks candidly on topics such as showing vulnerability as a leader. I recommend listening to this in the morning over breakfast or a morning walk - I promise your day will be infinitely better. Via Google Podcasts
Tech news
Are you a part of the Australian innovation ecosystem? Put yourself on the map! North Sydney Innovation is undertaking an incredibly ambitious project to map the Australian Innovation Ecosystem with a goal to connect brilliant minds and organisations and offer help, skills and guidance. Via North Sydney Innovation
Facebook launched its Ray-Ban Stories smart glasses, which allows users to take photos and videos from their point of view at the click of a button or voice command. Via The Guardian
Apple held their annual September tech event where they announced the new iPhone, iPad, Apple Watch and more. Via TechCrunch
Social media app, Snapchat, hired an online safety advocate as its first global head of platform safety in response to mounting global pressure from regulators and lawmakers on user safety. Via Reuters
Square Peg Open Roles
- Investment Analyst for Global Tech Fund (founding investment team) - listed equities
- Global Head of Talent, Sydney - talent acquisition
- Associate or Principal VC Investor, Singapore - venture capital
Open roles
