It’s about time

• In 2019, 500-backed Mycotech embarked on a mission: to become the first company bringing mushroom-leather watches to market.
• The wristwatch was created with a strap made out of mycelium leather, a fibrous filament derived from the root structure of a mushroom. Mycotech partnered with Pala Nusantara, one of the most prominent watchmakers in the country.
• The Kickstarter campaign was a success with Mycotech reaching their goal of raising ~USD20K for the project.
• CEO and co-founder of Mycotech Adi Reza tells us the funds were utilized to improve production capabilities at their factory plant, which produced a total of 2,200 sqft of mycelium leather.
• This month, all pre-orders have been shipped to 123 backers from 16 countries. Here’s what the watches look like:

• The Kickstarter campaign is a mere stepping stone for Mycotech to tap into the wider vegan leather market poised to reach US$89.6 billion by 2025.
• In August, these straps will be once again available for purchase — together with a smartwatch variant -stay tuned for more on that story!

Helping out

• 500-backed digital health company Prenetics is playing its part to contain the third wave of Covid-19 cases in Hong Kong.
• South China Morning Post reports Prenetics will be responsible for testing ~200,000 restaurant staff across 16,000 restaurants over the next few weeks.
• To achieve those numbers, it plans to increase its testing capacity to 22,000 tests a day, up from the current 5,580. 40–50 part-timers have been enlisted to join the project, adding to its roughly 150 employees.

• Away from Hong Kong, Prenetics has lent its expertise to the English Premier League and the England and Wales Cricket Board to help get players and staff back on the pitch.

Bukalapak x HappyFresh

• 500-backed companies Bukalapak and HappyFresh are working together to fulfill the needs of the new normal.

• The collaboration allows users to access the HappyFresh Groceries feature through the Bukalapak platform to get daily necessities from more than 150 supermarkets and specialty shops in various cities in Indonesia.
• HappyFresh guarantees that products ordered are freshly hand-picked by trained personal shoppers and delivered by riders donning protective gear such as gloves and masks.
• The partnership comes at a time of change in consumer spending habits, with many opting to shop online than at physical stores.
• A recent survey showed Indonesia’s e-commerce growth trajectory would remain positive with an expected 50% year-on-year growth to reach US$35 billion this year from US$23 billion in 2019.

500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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