{"id":1019,"date":"2020-07-21T00:00:00","date_gmt":"2020-07-21T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-63-indonesian-startup-brings-mushroom-leather-watches-to-market-prenetics-joins\/"},"modified":"2021-07-23T07:40:55","modified_gmt":"2021-07-23T07:40:55","slug":"durians-daily-63-indonesian-startup-brings-mushroom-leather-watches-to-market-prenetics-joins","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=1019","title":{"rendered":"Daily Markup #63: Indonesian startup brings mushroom-leather watches to market; Prenetics joins\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"493\" data-height=\"533\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1F1KUtHppLKx1IrZx-Nv7wg.png\"><\/figure>\n<p><strong>It\u2019s about time<\/strong><\/p>\n<ul>\n<li>In 2019, 500-backed <a href=\"https:\/\/www.mycl.bio\/\" target=\"_blank\" rel=\"noopener\">Mycotech<\/a> embarked on a mission: to become the first company bringing mushroom-leather watches to market.<\/li>\n<li>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.<\/li>\n<li>The <a href=\"https:\/\/www.kickstarter.com\/projects\/mycotech\/the-worlds-first-mushroom-wooden-watch\" target=\"_blank\" rel=\"noopener\">Kickstarter campaign<\/a> was a success with Mycotech reaching their goal of raising ~USD20K for the project.<\/li>\n<li>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.<\/li>\n<li>This month, all pre-orders have been shipped to 123 backers from 16 countries. Here\u2019s what the watches look like:<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1552\" data-height=\"873\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da8e6c071.jpg\"><figcaption class=\"wp-caption-text\">Credit: Mycotech<\/figcaption><\/figure>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1200\" data-height=\"1600\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da8eb869d.jpg\"><figcaption class=\"wp-caption-text\">Credit: Mycotech<\/figcaption><\/figure>\n<ul>\n<li>The Kickstarter campaign is a mere stepping stone for Mycotech to tap into the wider vegan leather market poised to reach <a href=\"https:\/\/www.prnewswire.com\/news-releases\/vegan-leather-industry-size-worth-89-6-billion-by-2025--compound-annual-growth-rate-of-49-9-infinium-global-research-301016124.html\" target=\"_blank\" rel=\"noopener\">US$89.6 billion<\/a> by 2025.<\/li>\n<li>In August, these straps will be once again available for purchase\u200a\u2014\u200atogether with a smartwatch variant -stay tuned for more on that story!<\/li>\n<\/ul>\n<p><strong>Helping out<\/strong><\/p>\n<ul>\n<li>500-backed digital health company <a href=\"https:\/\/circledna.com\/\" target=\"_blank\" rel=\"noopener\">Prenetics<\/a> is playing its part to contain the third wave of Covid-19 cases in Hong Kong.<\/li>\n<li><a href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3093709\/coronavirus-hong-kong-start-joins-governments-mass\" target=\"_blank\" rel=\"noopener\">South China Morning Post<\/a> reports Prenetics will be responsible for testing ~200,000 restaurant staff across 16,000 restaurants over the next few weeks.<\/li>\n<li>To achieve those numbers, it plans to increase its testing capacity to 22,000 tests a day, up from the current 5,580. 40\u201350 part-timers have been enlisted to join the project, adding to its roughly 150 employees.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1068\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da8f4f04c.jpg\"><figcaption class=\"wp-caption-text\">Credit: Prenetics<\/figcaption><\/figure>\n<ul>\n<li>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.<\/li>\n<\/ul>\n<p><strong>Bukalapak x HappyFresh<\/strong><\/p>\n<ul>\n<li>500-backed companies <a href=\"https:\/\/www.bukalapak.com\/\" target=\"_blank\" rel=\"noopener\">Bukalapak<\/a> and <a href=\"https:\/\/www.happyfresh.my\/?utm_source=google_search&amp;utm_medium=ad_text&amp;utm_campaign=my_s2con_gsn_web_wtf_hpf_eng_brand_perf&amp;utm_term=kwd_brand_happyfresh\" target=\"_blank\" rel=\"noopener\">HappyFresh<\/a> are working together to fulfill the needs of the new normal.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1024\" data-height=\"500\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da8fa07f5.jpg\"><figcaption class=\"wp-caption-text\">Credit: Bukalapak<\/figcaption><\/figure>\n<ul>\n<li>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.<\/li>\n<li>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.<\/li>\n<li>The partnership comes at a time of change in consumer spending habits, with many opting to shop online than at physical stores.<\/li>\n<li>A <a href=\"https:\/\/www.thejakartapost.com\/news\/2020\/05\/20\/covid-19-helps-create-new-normal-in-online-shopping-survey.html\" target=\"_blank\" rel=\"noopener\">recent survey<\/a> showed Indonesia\u2019s 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.<\/li>\n<\/ul>\n<hr>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da8fe0406.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s 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.<\/p>\n<hr>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[332,371,365],"class_list":["post-1019","post","type-post","status-publish","format-standard","hentry","category-daily","tag-happyfresh","tag-mycotech","tag-prenetics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #63: Indonesian startup brings mushroom-leather watches to market; Prenetics joins\u2026 - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=1019\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #63: Indonesian startup brings mushroom-leather watches to market; Prenetics joins\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"It\u2019s 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. 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