Moving the needle

• 500-backed sustainability platform abillion has raised US$10 million in a Series A funding round led by New York-headquartered venture fund 1/10 Capital.
• According to the startup users in 162 countries have published more than one million reviews on its platform on over 60,000 sustainable consumer products.
• Vikas Garg, founder and CEO said that the funding will be used to expand product development, engineering, and design capabilities. He added that it will finance the building of a peer-to-peer marketplace within the app.
• abillion also donates US$1 to charities around the world with every review. Just last month, donations reached US$1 million.
• Get more details on DealStreet Asia. A subscription may be required.

Accelerating ideas

• Last month, PETRONAS’ FutureTech 2.0 Accelerator Digital Demo Day concluded after a 12-week program that put 20 Malaysian deeptech startups through masterclasses, workshops, and coaching by mentors from 500 Global, among other organizations.
• Under the program, the startups pitched their business solutions to venture capitalists, Malaysian government agencies and Government-linked companies, and key members of the Malaysian and regional start-up ecosystem.
• 500-backed e-Komoditi, a software developer for sectors such as agriculture, manufacturing, and oil and gas, was one of three selected startups that will take part in a five-day program hosted by 500 Global in Singapore early next year. The program seeks to strengthen the startups’ business development efforts and to enable expansion opportunities into new markets.
• Ee Ling Lim, Regional Director of Asia Pacific, 500 Global, said “We’re proud to see FutureTech delivering on its mission of providing an efficient platform for startups to connect with the right decision-makers in the corporate sphere, gain direct access to the industry experts, fast-track the process of collaborative innovation, and turn hypothesized proof-of-concepts into commercial realities.”
• Read the full statement here.

Creating a safe workspace

• A 2019 survey revealed that 51% of Malaysians report at least one dimension of work-related stress. Malaysian firms also reported losing an average of 73.3 days of work time per employee per year due to absence and presenteeism, costing an average of over ~US$345,000 per month in 2019.
• How can employers promote better mental wellbeing in the workplace? 500-backed digital health startup Naluri suggests the following:
  • Encourage open discussions about mental health by being the first to initiate 
  • Provide mental health care services
  • Provide time and space for employees to open up by setting up support groups or online chat rooms
  • Establish a healthy environment with work-life balance
• Read the full article here.