This Year’s New Herd of Unicorns

by TechNAsia

2017 saw its fair share of new unicorns in Asia – up by three from last year. Out of the 19 companies that crossed the US$1 billion threshold, almost all hailed from China, according to data from Tech in Asia’s database.

Only three companies broke from the herd: Indonesian ecommerce company Bukalapak, Japanese AI startup Preferred Networks, and Revolution Precrafted, a startup in the Philippines that sells prefabricated homes – and the country’s first-ever unicorn.

“The unicorn landscape has changed tremendously from five years ago, when it was the US and Europe producing billion-dollar companies. Today, China is quickly catching up to the US and has far surpassed Europe,” said Arik Speier, head of technology at KPMG Israel, in the consulting firm’s third quarter report on global venture capital trends.

Here are all the new Asian unicorns from 2017, grouped by vertical and product category:

Transportation

1. NIO

NIO, cars, electric cars

NIO’s electric SUV, the ES8. Photo credit: NIO

Following the collapse of Tesla wannabe Faraday Future – bankrolled by former billionaire Jia Yueting – NIO has taken over as China’s rising electric car company.

Backed by Tencent, Baidu, and Sequoia Capital, NIO (previously known as NextEV) is also entering the self-driving space. By 2020, the startup plans to launch fully autonomous cars.

This year, NIO made a slew of announcements, from Eve – its autonomous concept car – to a showroom in Beijing that also doubles as a private club space for NIO users. In December, the company also launched the ES8 – NIO’s answer to Tesla’s Model X.

2. Mobike

One of the leading bike-rental startups in China, Mobike is flush with capital from investors like Tencent, Sequoia Capital, and Temasek. That’s important as bike companies figure out their business model – so far a mix of advertising and rental fees.

This year has been about overseas expansion for the Beijing-based startup. To date, it has bikes in 176 cities around the world, including 11 countries outside of China. Australia recently joined the company’s roster in November, with Mobike rolling out its orange bikes into Sydney.

Its domestic archrival Ofo also joined the billion-dollar club in 2017.

Not all bike rental companies have been so lucky or well-funded. Bluegogo, one of the top bike-rental startups in China, was forced to transfer its operations to another bike firm in Sichuan province because of financial struggles that included being unable able to pay its staff or refund deposits to users.

3. Ofo

Like Mobike, bike-rental unicorn Ofo has spent 2017 doubling down on overseas expansion. And for 2018, it’s targeting four new countries: Russia, Italy, the Czech Republic, and the Netherlands.

Didi funds OFO to make bike-sharing a thing

One of OFO’s distinctive yellow bikes. Photo credit: Ofo’s Weibo

Though Mobike has Tencent in its corner, Ofo is backed by Alibaba affiliate Ant Financial. Ofo is also plugged into Sesame Credit, Ant Financial’s credit system, and this allows the startup to forego the US$15 bike deposit for users of a certain credit threshold so they can start riding immediately.

Tencent Credit is still in beta testing, though select users in Guangzhou were able to try out deposit-free Mobikes in November.

4. Souche

Souche is an online platform for buying and selling new and used cars. The Hangzhou-based startup also offers marketing and financial management services for auto dealers.

As sales of new automobiles in China have slowed, growth in China’s secondhand car market has picked up the slack (though the former still dwarfs the latter). Changing perceptions of used cars is one key driver – 47 percent of potential buyers in China considered secondhand cars as a good substitute for new cars in 2016, up from 18 percent in 2011.

Online platforms such as Souche have played a key role in shifting mindsets, as they’ve made secondhand cars sales more standardized and transparent.

In November, Souche got a US$335 million boost from Alibaba – a prelude to business integration and future collaboration with the ecommerce titan, including jointly building a new retail and financing platform for cars. Other investors in the startup include Ant Financial, Warburg Pincus, and Sequoia Capital.

Real estate

5. UrWork

Co-working spaces are a dime a dozen in China’s major cities. Amid increasing competition, different spaces are upping the ante to attract more tenants, such as offering free-flowing beer and other perks.

UrWork is one of the more well-funded players in the market. Backed by a mix of tech venture capitalists and real estate developers, the Beijing-based company has spaces in 30 different cities. In June, UrWork opened its first office in Singapore.

6. Revolution Precrafted

A modular home designed by David Salle. Photo credit: Revolution Precrafted

The Philippines saw its first-ever unicorn this year after Revolution Precrafted raised its series B round in October. The funding was led by K2, a Singaporean venture capital firm whose portfolio includes a number of other unicorns, such as Spotify and Palantir.

Founded in 2015, the startup sells prefabricated homes designed by world-renowned architects and designers like Zaha Hadid. On average, Revolution Precrafted’s houses cost US$120,000, and can be ordered and shipped anywhere in the world in at least 90 days.

7. Tujia

Unlike customers in Western markets like the US, Chinese consumers don’t find the idea of staying in a stranger’s house immediately attractive. Renting out a spare room also isn’t an option for many families in China.

“If they have kids, then it’s a two-bedroom apartment; if they have kids and parents living with them, then they may go for three bedrooms. Every bedroom is filled, so there’s no additional space for other people to stay in – we don’t have that kind of supply,” Tujia president Hai Zhuang told Tech in Asia.

Called the “Airbnb of China,” Tujia has taken a slightly different approach from the US unicorn. Instead of relying solely on homeowners to participate, it takes advantage of the millions of vacant properties in China. It also helps local communities with property management and even runs agent services in larger cities.

The housing startup’s valuation pushed past the US$1 billion threshold in October when it raised a US$300 million series E round.

Tujia president Hai Zhuang. Photo credit: Tujia

8. Xiaozhu

Xiaozhu is also in the home-rental business. A month after Tujia announced its entry into the unicorn club, Xiaozhu joined as well, thanks to a US$120 million injection of funding led by Jack Ma’s Yunfeng Capital.

Xiaozhu, which means “little pig,” was founded in 2012 by Chen Chi. So far, the company has more than 200,000 properties listed on its site in more than 300 cities around the world.

Artificial intelligence and big data

9. Preferred Networks

Preferred Networks is a Japanese AI startup that wants to make devices more intelligent across a number of applications, from robotics to self-driving cars.

In the autonomous driving space, the startup is partnering with automotive giant Toyota. In August, Preferred Networks raised US$92.6 million from the carmaker to accelerate their joint research in mobility-related AI, such as object recognition and analysis of vehicle information. The startup is also working with electronics company Panasonic and industrial robot manufacturer Fanuc.

As an AI-focused startup, Preferred Networks will operate and compete among giants. But Toru Nishikawa, the company’s founder and CEO, isn’t intimidated.

“Our target is technology that is a step ahead of Google,” he told Nikkei Asian Review in 2015.

10. SenseTime

As the demand for facial and image recognition surges in China, artificial intelligence companies like SenseTime are cashing in. This summer, the Hong Kong-based startup raked in a monster series B round of US$410 million, financed by private equity firm CDH Investments and Chinese investment firm Sailing Capital.

SenseTime’s facial and image recognition tech is used in a number of finance, security, and social media applications. China’s Twitter-like Weibo uses SenseTime’s facial recognition capabilities to detect faces and sort photos – as well as beautify them. Banks and fintech apps use the startup’s technology for face verification and identification.

Indeed, “smiling to pay” will become increasingly prevalent as both tech giants and startups roll out cashier-less shops and totally unmanned stores. Next year, SenseTime plans to go public and open a research and development center in the US.

Alipay and KFC test facial recognition payments in China

KFC’s “smile to pay” ordering system. GIF by Tech in Asia. From video by Ant Financial

11. Cambricon

Named after the Cambrian explosion, Cambricon is tackling hardware inefficiencies in deep learning and artificial intelligence. Founded in March 2016, the Chinese chip developer is already valued at US$1 billion, according to Tech in Asia‘s database, thanks to investors like Alibaba and the Chinese Academy of Sciences.

At present, deep learning algorithms require enormous amounts of computing power. Creating specially made chips, however, could make artificial intelligence less resource-intensive. Last year, Cambricon released its first chip, the Cambricon 1A, which can be applied to a number of industries, such as robotics, drones, and self-driving cars.

2. DT Dream

DT Dream is a big data and cloud computing platform whose product is tightly integrated with Alibaba businesses such as Sesame Credit and its Alipay payments system. It also provides companies support for “new retail,” where online and offline consumer data is combined to drive sales.

In June, DT Dream raised US$113 million in a series A round from Everbright Industry Capital Management, Yinxinggu Capital, and Alibaba, which also participated in its previous round. In addition to Alibaba, DT Dream also counts Chinese car company Geely and ride-hailing firm Didi Chuxing as among its clients.

Education

13. Yuanfudao

In China, where education resources are disproportionately concentrated in major cities, parents are increasingly turning to online education as an alternative.

That trend has been a boost to Yuanfudao’s business, an online education platform that matches online tutors with kids. Parents can purchase several different tutoring packages for their kids, from English and math courses for kindergarten to high school students. They can also scope out the tutors, who have individual profile pages that don’t only detail their work experience and rating, but also includes an introductory video.

“Education is a lasting theme which every Chinese family will invest significantly in,” said Gordon Ding, managing director of Warburg Pincus, in an interview with the South China Morning Post. In May, Yuanfudao gained unicorn status after a US$120 million round from Warburg Pincus and Tencent.

14. VIPKID

Like Yuanfudao, VIPKID also tackles accessibility pain points in China’s education system. Specifically, the Beijing-based startup connects English teachers in the US and Canada with mainland Chinese students under 12 years old. Classes are conducted in the company’s proprietary online classroom.

As of August, the startup said it had more than 200,000 paying students from 32 countries. Its monthly revenue peaked in July at US$60 million. Though China is full of English education companies such as Education First and Wall Street English, VIPKID is one of the few that focuses on children.

VIPKID is also a portfolio company of Tencent, and is backed by Sequoia Capital, Matrix Partners, and ZhenFund, among other investors.

Media

15. Bytedance

Toutiao headquarters in Beijing. Photo credit: Tech in Asia

In an ecosystem dominated by Alibaba and Tencent, Bytedance’s rise as an independent entity is extraordinary in and of itself. That it’s also estimated to be worth as much as US$20 billion means it’s a tech giant in its own right.

This year, the Beijing-based startup made a number of acquisitions, such as US video creation app Flipagram and Musical.ly, a video-based social network that’s become viral among teens in the US and Canada.

Both acquisitions go towards boosting Toutiao, Bytedance’s flagship news aggregation app. Toutiao is known for its AI-driven newsfeeds, where algorithms decide what articles to push to users, depending on their behavior on the app. According to the company, Toutiao has 120 million monthly active users.

In addition to feeding Toutiao’s machine learning systems with more data, acquisitions like Musical.ly will help the startup takes its business abroad. ByteDance is eyeing several overseas markets, such as Southeast Asia, Japan, Brazil, and India.

16. Yidian Zixun

Yidian Zixun is also a news aggregation app. It competes with Bytedance’s Toutiao, although it’s nowhere near as sticky. As of January, the company said it had 48 million daily active users.

Founded in 2010 by Zhaohui Zheng, the former head of Yahoo Lab in Beijing, and ex-Baidu executive Ren Xuyang, Yidian Zixun is one of the few companies in China with “special management shares” or shares that are owned by the government.

Ecommerce

17. Bukalapak

In a market swimming with deep-pocketed competitors like Lazada and Shopee, Indonesian ecommerce startup Bukalapak believes it has a local advantage. In particular, it has set its sights on the country’s second- and third-tier cities that “don’t even use Facebook,” said company CEO Achmad Zaky during a fireside chat at Tech in Asia Jakarta 2017.

Bukalapak CEO Achmad Zaky talks about competition in the Indonesian ecommerce space at Tech in Asia Jakarta 2017. Photo credit: Tech in Asia

“A lot of SMEs are finding it hard to make money offline because the cost is really high. This is the problem we solve – we help smaller players become competitive against malls through the internet,” explained Zaky.

Still, Bukalapak has its work cut out for 2018, as its competitors have spent 2017 consolidating and gathering fresh funds. In August, Chinese ecommerce giant Alibaba put US$1.1 billion into Bukalapak’s local rival Tokopedia, tying it together with Lazada – another Alibaba portfolio company and a major ecommerce player in Southeast Asia.

In October, Singapore-based Sea went public on the New York Stock Exchange, raising US$884 million on its first day. Sea owns businesses in online gaming, ecommerce, and digital payments.

That makes Bukalapak’s funding war chest all the more important as companies continue to battle over Indonesia’s ecommerce market, which could reach US$130 billion by 2020. In November, the startup nabbed unicorn status after an undisclosed round of funding. It raised series B funding from Indonesian media conglomerate Emtek Group in 2015.

Social media

18. Zhihu

Quora-like Zhihu is part of a growing trend in China, where users pay experts and thought leaders for knowledge. Unlike its Western counterpart, Zhihu is monetizing its network of industry experts by offering paid livestreaming sessions, where users can attend live lectures and interact in real-time with different speakers.

In January, Zhihu raised a US$100 million round of series D funding, pushing it into unicorn territory. In 2016, the site had 65 million registered users, of which 18.5 million were daily active users.

This year, the question-and-answer site has seen increasing competition from Bytedance’s Toutiao, which has poached various industry experts from Zhihu’s site while building its own question-and-answer column.

Fintech

19. Futu Securities

wall-street-sign

Photo credit: Pixabay.

Increasing appetite for Hong Kong and US stocks among Chinese investors has driven millions of users to Futu Securities, a Hong Kong-based financial services startup backed by Tencent.

Founded in 2012, the company has 3.8 million users, with 90 percent of them hailing from mainland China. A US$145.5 million series C round pushed Futu’s valuation to unicorn status – thanks to Tencent, Matrix Partners, and Sequoia Capital.

The Chinese government has been clamping down on capital outflows over the past few years. Companies like Futu Securities, which open overseas investments to mainlanders, have attracted scrutiny from China’s Securities Regulatory Commission. However, like other cross-border investment apps, Futu requires users to trade stocks via overseas bank accounts, canceling out the possibility of circumventing capital controls.

Currency converted from Chinese yuan and Japanese yen. Rate: US$1 = RMB 6.61 = JPY 113.4.

 

Tough Times, Tougher Entrepreneurs: 10 Lessons During a Pandemic

As the coronavirus outbreak ravaged the world, people were locked down, hospitals got overcrowded, and the global economy shut down. 

Revolution Precrafted Philippines, Inc., my property tech firm that set out to democratize the ownership of designer homes, found itself in the middle of a supply chain disruption. This resulted in cross-default situations and forced my company to pivot back to our core business.

In this article, I take stock of lessons I learned and share them to aspiring and fellow entrepreneurs. I hope these will help inoculate businesses against threats in this volatile, uncertain, complex, and ambiguous world now under a COVID-19 siege.  

  1. An asset-light business model is not always a good model.

I have always envisioned Revolution Precrafted to be an asset-light, intellectual property-based company. Our exclusive designs are our primary assets. However, the downside of this is that you will have less control over other parts of the business. As you outsource some segments of your operations, you exercise less supervision over contractors compared to full-time employees. Since independent contractors have greater flexibility over what they can contribute, you are taking on a risk that they may be unreliable, may not fulfill your business requirements, or may not deliver the quality you expected.

With the disruptions to the housing and property sector, we at Revolution found our own operations as a builder-supplier of homes to partner-developers affected by the general economic downturn. 

The lesson is that we must never stray again into such aspects as building the homes ourselves, and instead concentrate on our core and high value-added work of promoting home designs and art creations. And so our pivot now involves going back to our core business which is to leverage on our intellectual property, our revolutionary home designs, and license them to any developer or end-user for their own homes or projects, using their own contractors.

  1. Practice constant communication.

I believe that empathetic and transparent communication is very important especially in times of a crisis when employees and consumers are confused and feeling vulnerable. 

During a pandemic, consumers generally understand that most companies are facing a difficult time and they are more tolerant of minor mistakes and delays, as long as we communicate with them in an honest and timely manner.

  1. Going global is very difficult.

My big idea was to make globally acclaimed designer homes affordable to a mass market by rolling them out using new prefab home technology. But I realized that an aggressive vision of going global immediately sometimes does not work. 

As international borders closed and the global economy shut down, vulnerabilities in Revolution’s supply chain were exposed. Temporary trade restrictions pushed economies to be self-reliant and placed domestic companies under immense pressure to look inward and reduce their reliance on global supply chains that are now perceived as risky. 

  1. Decentralization is the new normal.

The pandemic has compelled society to take action and seize the moment in many areas where we have dilly-dallied in the past — such as climate action and decongesting cities and even in providing connectivity for all. The push for decentralization is an irreversible trend given the government and private sector’s massive infrastructure build-up and reverse transmigration (e.g., Balik Probinsya) programs.

I believe that the new systems and protocols such as blended-distanced education and telecommuting or work-from-home will become permanent options for people and institutions. These have positive impacts on society, such as less traffic, and just better public health, order, and safety. Single-detached homes have become increasingly relevant in this New Normal. More and more people are moving out of the metropolis, supported by more robust digital infrastructure and they are again choosing single detached homes — on the ground.

  1. Adapt quickly.

With the pandemic, decision-makers are faced with a rapidly-changing business environment that gives us very little time to respond to threats. 

The key is to develop the ability to evaluate ongoing changes and react immediately and appropriately to disruptions, and to continuously repeat this cycle. 

We should practice new ways of problem-solving in an unpredictable environment and be prepared to reinvent ourselves in order to survive and cushion the impact of the crisis on our businesses.

  1. Leverage technology.  

With government-imposed lockdowns, we saw that companies with established online platforms are in a better position to take advantage of the rapid migration of consumers to online channels. Quick-thinking entrepreneurs accelerated their digital transformations — selling their products on social media and mobile applications, accepting online payments, and partnering with delivery services. 

I believe that physical distancing and the trend of in-home consumption are likely to continue even after the pandemic, and that businesses must embrace technology in order to connect to customers. Those that still do not have an online presence need to react fast and implement their long-overdue digital transformation.

  1. Associate your brand with the good.

In this time of crisis, consumers will not forget brands that displayed acts of kindness, especially if done with genuine generosity. 

These could be in the form of donations of medical supplies or assistance to the community, or by sharing messages that promote positivity despite the pandemic.

  1. Prepare an emergency plan. 

Micro-entrepreneurs without formal crisis management planning are among the hardest hit by the pandemic. This highlights the importance of a business continuity plan, which may include prevention, response, and recovery. 

A contingency plan will help leaders remain rational as we are guided by a planned set of tactics when responding to a crisis and making decisions, allowing our businesses to bounce back stronger after a disaster. 

  1. Know your customers’ needs. 

The pandemic and the resulting economic downturn resulted in changes in consumers’ buying behavior. These include prioritization of essential needs and sanitization products amid a tightening of household budgets. As a consequence, some products suffered from slowing demand. 

As entrepreneurs, we need to be flexible and to make the necessary adjustments to ensure the survival of our businesses.

  1. Coopetition is key.

Lastly, we can only defeat this crisis if we put aside our differences and present a unified front. Coopetition, which is simultaneous cooperation and competition, can help us overcome lack of resources. 

By looking at joint vaccination drives among local companies, we can see that strategic alliances may be a good option for businesses and may provide opportunities that are otherwise not available. Entrepreneurs must consider possible partnerships and start communicating with potential allies.

Unicorns of Southeast Asia and Their Current Valuations (Updated April 2021)

Southeast Asian technology startups defied the pandemic and attracted a similar level of investments in 2020 as the year before, outperforming most other emerging markets.

The region’s tech upstarts raised $8.2 billion, down 3.5% from 2019, research from Cento Ventures showed. That compares with a 31% drop in India and 38% in Africa, according to the Singapore-based venture-capital firm.

The region of about 650 million people is moving online fast, with countries such as Indonesia, Thailand and Vietnam embracing e-commerce, fintech and transportation apps. Still, Southeast Asia trailed the U.S. and the European Union, whose tech startups drew record investments last year and grew 13% and 15%, respectively, Cento said. Startups in China attracted 6% more funding than the year before. 

“2020 offered a harsh reason to reassess how technology can be harnessed to maintain vital function of the society,” said Dmitry Levit, a partner at Cento, an early-stage investor which has backed startups including 2C2P, iPrice Group and Pomelo. “Investments into digital transformation of retail, food, financial services and logistics surged accordingly, and we’ll see more industries react similarly in 2021 and 2022.”

Almost half of the funds raised went into unicorns including Grab Holdings Inc., Gojek, Bukalapak.com and Traveloka. Deals of more than $100 million accounted for 57% of the total investments, while those between $50 million and $100 million rose to a record $1.1 billion, up 26% from a year ago.

Indonesian startups clinched 70% of the capital invested in Southeast Asia, with Indonesian and Singaporean startups together accounting for 64% of the total number of deals, the report showed. Despite getting less funding, more unicorns are added to the list in the region. In total, there are 17 unicorns in Southeast Asia, with Singapore dominating the number of valuation, and Indonesia trails behind. 

(From various sources)

 

The Full List of Unicorn Startups in Southeast Asia

They might be mythical beasts that exist only in fairytales, but for those in the startup and venture capital scene, unicorns are something very real.

Unicorns exist and are the much-coveted status for startups and investors, as a symbol of having reached or surpassed the US$1 billion valuation mark.

In fact, based on CB Insights, there are currently over 300 unicorns around the world, roughly half of which are based in the United States.

Then again, the spotlight is gradually moving into Asia, with many placing their bets in the region of Southeast Asia for its huge potential and market.

In fact, there are already several unicorns that have succeeded. Here’s a full list of unicorns in Southeast Asia and the industries they are tackling.

Country: Singapore

1. SEA (Formerly known as Garena)

Backers: Tencent Holdings, Cathay Financial Holding, GDP Venture

The first-ever ASEAN startup to IPO in the United States, ecommerce and gaming tech giant SEA has successfully raised US$884 million with its listing on the New York Stock Exchange (NYSE) in 2017. The internet company officially entered the unicorn club in 2016 through its US$550 million fundraisings that involved Cathay Financial Holding, placing its valuation at US$3.75 billion. At the time of its IPO, SEA was valued at US$4.9 billion.

2. Razer

Backers: Horizons Ventures, Accel, IDG Capital

Founded in Singapore and relocated to San Francisco, Razer is a popular name among gamers in Southeast Asia. It is the first company to create computer gear for gamers and has conquered 30 percent of the video game mouse and keyboard business on a global scale since 2015. The company went IPO in Hong Kong in 2017 with a valuation of US$4.4 billion.

3. Trax

Backers: Broad Peak Investment, Investec, Warburg Pincus, Boyu Capital

A newly minted unicorn, Singapore startup Trax is in midst of finalizing a deal to raise US$100 million at a pre-money valuation of about US$1.1 billion. The startup serves the retail industry with its image recognition technology being used by global consumer packaged goods companies including Coca-Cola and Nestle to track their products on retail shelves.

4. Grab

Backers: Microsoft, Hyundai Motor Company, Beacon Venture Capital

Founded in 2012, Grab is an all-in-one transportation service providing a platform that is present in nearly every ASEAN country, covering over 500 cities and towns across eight countries.

Having recently raised US$300 million from Invesco as part of its ongoing Series H funding led by Toyota, Grab recent investments values the company at about US$14 billion, according to a report by CNN.

The startup’s founder, Malaysian-Chinese Anthony Tan who is also Go-Jek’s founder Havard MBA classmate, is going head-to-head with Go-Jek by spending about US$700 million to expand its market share in Indonesia by 2020.

5. Lazada

Backers: Tesco, Temasek Holdings, JPMorgan Chase, Rocket Internet

Since its inception in 2012, Lazada has been a major player of online shopping and selling in Southeast Asia. The ecommerce company serves in six countries including Indonesia, Malaysia, Philippines, Thailand, and Vietnam. In June 2018, Alibaba Group announced that it will invest almost another US$1 billion in the online retailer, bringing its valuation up to US$3.15 billion.

6. Patsnap

patsnap

Founded in 2007, PatSnap provides a platform that is used by more than 10,000 customers in over 50 countries around the world to access market, technology, and competitive intelligence as well as patent insights needed to take products from ideation to commercialization. The startup counts customer like Spotify, Tesla, Paypal and many more big names as its customers.

Country: Indonesia

7. Go-Jek

Backers: Google, Tencent Holdings, Temasek Holdings

Starting out as a motorcycle ride-hailing app in 2015, Go-Jek is one of the most reported startups in Southeast Asia with its aggressive acquisition activity to build its super app and becoming a full-on demand service platform.

The platform currently offers services including logistics, ticket booking, cleaning service, digital payments, and even barber services. Go-Jek currently operates across 50 cities in Indonesia while also in the process of expanding to other nations in Southeast Asia.

8. Traveloka

Backers: East Ventures, Sequoia Capital, JD.com

Founded by Ferry Unardi, Traveloka is Southeast Asia’s biggest go-to platform for various traveling needs.

It offers an online platform that allows users to make bookings of services provided by hotels, airlines, train and other transportation operators, events promoters, tourist attraction operators, travel agencies, telecommunication operators, and/or other service providers.

Traveloka was officially a unicorn in 2017 after DealStreetAsia reported a deal that values the startup at around US$2 billion, according to an executive familiar with the company.

9. Tokopedia

Backers: Alibaba Group, East Ventures, SoftBank Ventures Asia

Launched in Jarkata in 2009, Tokopedia is Indonesia’s largest online marketplace. The platform became the country’s most valuable startup after raising US$1 billion from existing investors including Softbank and receiving a valuation of US$7 billion.

10. Bukalapak

Backers: Ant Finacial, 500 Startups, Emtek Group, Mirae Asset-Naver Asia Growth Fund

Founded by Achmad Zacky, Muhammad Fajrin Rasyid, and Nugroho Herushyono in 2010, Bukalapak is the fourth startup in Indonesia to have received its unicorn status after Go-Jek, Traveloka, and Tokopedia. The ecommerce business is an online marketplace that is currently home to more than 50 million users, processing 2 million transactions a day.

Country: Philippines

11. Revolution Precrafted

Founded by design and real estate developer Robbie Antonio, Revolution Precrafted is a collection of limited edition, pre-crafted properties, varying from homes to pavilions.

The company sells prefabricated homes created and designed by dozens of internationally known architects and designers including Zaha Hadid, David Salle, Tom Dixon, Marcel Wanders, and Lenny Kravitz.

The startup is reported to have passed the US$1 billion valuations in November 2017 and became the first unicorn from the Philippines.

Country: Vietnam

12. VNG

Backers: CyberAgent Capital, Tencent Holdings, IDG Ventures Vietnam

Founded in 2004, VNG is Vietnam’s first ever unicorn startup which specializes in online gaming and ecommerce for the local market. In 2016, the startup reached a US$1 billion valuation after an undisclosed funding round led by CyberAgent Ventures and IDG Ventures.

These are the Southeast Asian unicorns! Which of these unicorns do you think will be the next to IPO? Leave a comment down below.