Defying economic gravity

• A Deloitte report showed 100 IPOs (Initial Public Offerings) across Southeast Asia have raised ~US$6.44 billion so far.
• Thailand is leading the charge with 23 IPOs totaling ~US$3.94 billion raised, up from last year’s ~US$3 billion despite launching fewer IPOs compared to the previous year.
• Even though the IMF projected a 7.1% shrinkage of the country’s economy, “the listings of several homegrown companies in Thailand this year appealed strongly to investors and fund managers”, said Wilasinee Krishnamra, disruptive events advisory leader at Deloitte Thailand.

• 4 out of the top 10 IPOs in the region took place in Thailand, with the biggest IPO raised by the country’s largest retail departmental store operator, Central Retail Corporation (CRC). Wilasinee shared that “the offering was launched before the pandemic and raised US$1.77 billion — the largest ever in Thailand.”
• “The Stock Exchange of Thailand has also said that it wants to launch a new stock market for start-ups, as well as small- and medium-sized enterprises,” she added.
• Tay Hwee Ling, disruptive events advisory leader at Deloitte Southeast Asia and Singapore, shared that “investors can expect more Singapore-based companies to list on the stock market — a trend not seen last year but started to emerge in 2020.”
• More details about the report here.

Of safety and sustainability

• 500-backed sustainable transport operator Neuron Mobility has partnered with the Australian Road Safety Foundation (ARSF) to launch an e-scooter safety campaign.

• The partnership is the startup’s move towards “leading the way” in e-scooter safety in the country.
• ARSF will advise on Neuron’s existing e-scooter safety materials, including its safety guidelines which are used to provide e-scooter riders with lessons on how to ride safely.
• The foundation will also conduct webinars focused on best practices for accident prevention and e-scooter safety.
• Besides the sessions, ARSF will be “reviewing Neuron’s incident data annually to highlight potential improvements and also to compare e-scooters with other modes of transport.”
• “Safety is at the heart of everything we do at Neuron so we are delighted to partner with the ARSF, who are the absolute authority when it comes to road safety in Australia,” said Zachary Wang, CEO of Neuron Mobility.
• Earlier this year, Neuron launched its #ScootSafe campaign across Australia. As part of this initiative, hundreds of e-scooter riders have been briefed to “remind them of the riding rules and to highlight top safety tips and guidelines”.

A ‘Momentus’ occasion

• 500-backed Gilmour Space has secured a partner in US-based space infrastructure company Momentus Inc., signing a multi-million dollar agreement for launch and orbital transport services.
• As part of the partnership, Momentous will purchase one “dedicated Eris launch service from an Australian launch site.” Eris is the startup’s first commercial orbital vehicle and will debut in 2022. A more capable variant, Eris Heavy, is planned for a 2025 release.

• The two companies’ complementary technologies are expected to provide Gilmour Space with the capability to “expand the flight domain of the Eris rockets” and deployment beyond low Earth orbit (LEO). Momentus will “gain access to low inclination and equatorial orbits”.
• A “significant milestone” for Gilmour Space, the partnership is a “demonstration of the way that innovative space startup companies are coming together to leverage each other’s strengths, expanding and extending commercial capabilities as far as the moon.”
• The startup has fully sold capacity on two rockets that are scheduled for 2022, exemplifying the viability of a commercial space launch business in Australia.
• Both companies are using “non-traditional and ‘greener’ technologies: hybrid rockets by Gilmour Space and water plasma propulsion by Momentus”.

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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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