This month the funding program of the German Accelerator Southeast Asia (SEA) at the Singapore locationThe two startups Werthstein and tiramizoo are participating. We spoke with the teams at the start of their Asian adventure and asked them about their preparation, goals, and expectations.
There are a few years between the two companies from the state capital. While tiramizoo was founded in 2010, Werthstein was founded in 2016. The startup operates, as it explains Co-founder and CEO Bastian Lossen, a digital asset manager that combines robo-technology with the assessments of international capital market experts and portfolio managers. An offering of this quality, says Lossen, has previously only been available to very wealthy investors.
tiramizoo already has experience in Asia
Meanwhile, tiramizoo has been working on last-mile optimization, same-day delivery, and shop replenishment for eight years now. Julian Kellermann, Head of International Business, tells us that the company has international experience and is already active in Austria, Sweden, France, the Netherlands and Southeast Asia in addition to Germany. With the investor and customer Shell The company has already settled in Manila. It was there that they met German Accelerator SEA CEO Claus J. Karthe, which was the impetus for participating in the program. Other Asian countries had been on the company's wish list for some time, says Kellermann. The business focus of German Accelerator SEA convinced the team to participate. The tiramizoo team hopes to develop a go-to-market strategy and generate relevant leads.
“Excellent access to technological resources”
At Werthstein, plans for Asia are still in their infancy. Bastian Lossen in addition:
"We've been working on our Asia strategy for some time now. The collaboration with German Accelerator Southeast Asia is a great opportunity to accelerate our expansion plans in Asia."
Technically, Werthstein is ready to enter new markets. The platform operates smoothly and demonstrates high scalability, according to the founder. Munich Startup He and his partners learned about the opportunity to travel to Singapore with the German Accelerator SEA. After applying and initial personal interviews with company scouts and Claus J. Karthe, Werthstein prevailed in the final selection pitch before the accelerator's steering committee and made concrete plans for Asia:
"I've been to Singapore several times in recent months to get to know the market in depth and prepare for our market entry. (...) With the German Accelerator Southeast Asia, we now have excellent access to the technological resources and the network of innovation partners and potential investors that the accelerator offers. This will greatly help us with our market launch in this exciting growth region,"
says Bastian Lossen.
Gaining customer trust
Preparation also includes determining to what extent Werthstein needs to adapt its offerings for the Asian market and what it might be able to take over. Whether to enter the market alone or with the help of a partner is also an important decision yet to be made. Gaining customer trust is also crucial, he says. Local banks and asset managers currently still enjoy a certain degree of trust. But Bastian Lossen is optimistic:
"We believe we have a good chance of scoring points, especially with tech-savvy Asian customers, and winning them over as Werthstein customers. Additionally, we need to better understand and adapt to local regulations."
Julian Kellermann sees the balancing act between its core business in Europe and its new role in Asia as a challenge for tiramizoo. As an unknown company, the new location requires a great deal of energy to gain the trust of Asian companies. A "lead mentor" provided by German Accelerator SEA will assist with this with his local expertise.
We will continue to accompany the two companies as they take their first steps in Singapore and report on their experiences in the Asian market.
