Darius Mahtani Cheung

One of the sharpest loyalty lessons in business today doesn't come from a bank. It comes from Southeast Asia's super-app ecosystem. Take Grab. Open the app and it feels like a set of separate, independent choices: ➜ GrabCar / GrabCar Plus (rides) ➜ GrabFood (delivery) ➜ GrabPay (wallet) ➜ GrabUnlimited (subscription) ➜ Partner rewards On the surface, a menu of individual decisions. What makes it powerful is how those choices compound. You're free to pick anything — but the experience is engineered so that staying inside Grab is consistently the most rewarding option. And the data backs it up. Grab has reported that multi-service users spend around 4x more than single-service users, and that GrabUnlimited members — over 70% of whom use multiple services — spend several times more and order far more often. That subscriber base now drives roughly a third of Grab's delivery volume. It shows up in the P&L, too. In Q1 2026 Grab grew revenue ~24% to ~$955M across 52M monthly users — and its financial-services arm, the newest leg of the ecosystem, grew revenue ~43%. Loyalty quietly became lending. This is where modern loyalty is heading. The strongest programs aren't about points. They make customers feel fully in control, while the most valuable option is always, quietly, the one inside the ecosystem. Which is the real question for banks: when your customer pays, borrows, or saves — are they making a decision, or following a habit you built? #Loyalty #CustomerExperience #Personalization #Fintech #APAC #Finshape

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The floor tells you everything. When I look at who's showing up to Echelon Singapore 2026 on 3–4 June, I don't just see a list of exhibitors. I see a map of where Southeast Asia's startup ecosystem is actually headed. We're past the era of "move fast and figure it out later." The companies choosing to be on the Echelon floor this year are the ones helping founders do something harder, which is to scale with structure. Think about what's represented: Global hiring without borders (Deel) Enterprise AI that's production-ready, not pilot-ready (Vinova) Embedded finance reaching 200,000+ MSMEs (PriyoShop) Procurement intelligence for consumer brands (Sourcy) Cross-border acceleration between Korea and SEA (Shinhan Square Bridge Incheon) Risk frameworks built for high-growth ventures (Anapi) Compliant incorporation across multiple markets (OSOME) This isn't a collection of early-stage experiments. This is infrastructure. What excites me most isn't any single company, it's what the collective signals. Southeast Asia's builders are no longer just chasing growth. They're asking better questions: - How do I hire across 5 markets without drowning in compliance? - How do I get AI into my core operations, not just a demo? - How do I scale my supply chain without losing visibility? - How do I build a company that's fundable, not just fast? These are the questions of a maturing ecosystem. And the answers are walking onto our floor in June. I've spent years believing that the most important conversations at Echelon don't happen on stage. They happen between two people who didn't know they needed to meet, until they did. That's what we're building. Not just a conference. A moment where the right founders meet the right infrastructure partners, and something real gets started. If you're a founder scaling in SEA, an investor looking at the region, or a corporate exploring innovation partnerships — this is your room. Echelon Singapore 2026. 3–4 June. Suntec Singapore. 👉 Register now: e27.co/echelon 👉 Work and Partner with us: https://lnkd.in/gB_nSWcD 👉 Article: https://lnkd.in/ggEASBqQ

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Just Launched – Sagona Capital (Full digital revamp: identity system, digital platform, messaging, design, and clarity for investors & founders) Sagona Capital is a Venture Capital and Private Equity firm backing frontier technology, AI, climate, sustainability, and high-impact innovation. Their previous site didn’t reflect the sophistication of their mandate or the depth of the sectors they operate in, and as the firm expanded into a dual-jurisdiction model, the digital presence needed to reflect that elevated positioning. It was time to build a cohesive, modern identity and platform that matched Sagona’s trajectory. Project goals: → Sharpen messaging around Sagona’s thesis & focus → Simplify complexity into a clear, investor-friendly narrative → Create a polished, premium, modern user experience → Improve structure and hierarchy for all stakeholders → Establish a confident, future-focused digital brand → A dual user experience targeting both founders and investors for optimal outcomes The new site delivers: → A homepage that communicates Sagona’s edge instantly → Clear sections highlighting Investment Focus, Thesis & Approach → A streamlined aesthetic without design noise → Refined copy speaking directly to founders, LPs, and industry partners → Strong structural clarity and intuitive navigation → A cohesive platform ready for growth and portfolio visibility The result: A modern, institutional-grade digital presence that finally reflects Sagona Capital’s direction, clarity, and sophistication — positioning the firm among top-tier investment players and elevating the overall founder and investor experience as the firm continues to raise. From Founder Didier D: “Kelsey took our fragmented, outdated site / identity and transformed it into something clean, modern, and aligned with our fund’s direction. He grasped what we do with almost no handholding, refined our messaging, and turned everything into a premium digital presence. What impressed me most is how quickly he iterated, understood the brief, and executed without needing pages of instructions. The result is something we’re finally proud to share with founders and partners alike.”

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AI: Capex Spending Stretch Big Tech Financials. RTZ #992 ...the comfortable financing margins start to shrink https://lnkd.in/gT_h__RW #Tech #AI @OpenAI $MSFT $GOOG $AMZN $META $NVDA $AAPL $TSLA

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After yesterday's breakfast meeting, within 24 hours, an AI assisted Pre revenue enterprise valuation analysis was generated for my eApartment Life startup. Then, - 409A Valuation Report - Board approval of option grants - Equity Incentive Plan - Stock Option Grant Agreement - The eApartment Life Community Ownership & Equity Incentive System (30–40 page master framework)” This document explains; - the C-Corporation - the Community Equity Trust - RSUs - Stock Options - Merchant Equity - Super-User Equity - Token reward layer - Community Contributor RSU Agreement (for renters helping grow the network) - Merchant Partner Equity Agreement (equity tied to merchant participation) - Super-User Growth RSU Agreement (for people driving large-scale adoption) - The Community Equity Trust Agreement (15–20 pages). - Super-User Growth Leader Equity Agreement - Merchant Partner Equity Agreement - Super-User Growth Leader Equity Agreement - Property Community Ambassador Equity Agreement - Community Contributor Equity Agreement - Advisor Equity Grant Agreement Plus, the following reports; - The Apartment Power Network Expansion Playbook - The $1B Blueprint; How eApartment Life Could Become a Category-Defining Platform - The eApartment Life Unfair Advantages Report. - The eApartment Life Network Effects & Strategic Moat Report. All forwarded to my attorney for review. Entrepreneurship is changing fast! #startups #entrepreneurmindset #AI

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✨ Time to IPO – why Founders should plan for 10+ years (US vs Asia) 👉 Founders – building an IPO-scale company is usually a decade-plus journey. Not because teams are slow – but because the capital and scaling ladder is long. 👉 What the data shows (US): Long-run IPO data shows the median age of US companies at IPO is now ~12–14 years, up from ~9 years historically. Companies are staying private longer, raising more rounds, and exiting later. Asia tells a similar story – with regional differences: • China / Hong Kong: many tech IPOs occur 8–12 years post-incorporation, often accelerated by policy windows, but with heavy volatility • Southeast Asia: fewer IPOs overall, with successful companies typically taking 10–15+ years, often after multiple private and late-stage rounds • Japan / Korea: longer, steadier paths – often 12–20 years from founding to listing 👉 What this means for founders: An exit plan is really a time plan If you are 3–5 years in, you are not late – you are early in the journey.Your investors have clocks. VC funds have fixed lives. Where a fund sits in its cycle affects how patient it can be. Build for endurance: Runway, governance, talent, and capital structure should assume a long private phase, not a quick exit. 👉 Quick founder test: “What year is this fund in – and how many years do you have left to reach liquidity?” Jens Wernborg Roger Dong #Startups #IPO #VentureCapital #Founders #Fundraising #Asia #SEIML

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Bridging the gap between capital and execution remains one of the most significant challenges in venture growth today. Traditional venture capital often provides funds but leaves founders to navigate execution alone. Meanwhile, many startups struggle to translate investment into scalable operations and sustainable growth. At Mandalore Partners, we've developed a hybrid model that combines strategic capital deployment with hands-on operational support. This approach ensures that alongside funding, startups receive tailored guidance on strategy, governance, and scaling. For example, in the insurtech sector, startups partnering with us have not only secured the necessary capital but also improved their product-market fit and accelerated customer acquisition through our active involvement. This model acknowledges that capital without execution is an incomplete equation. Real growth emerges when investment is paired with expertise and sustained support. For founders and investors alike, adopting this integrated approach can create greater value and resilience. How has your experience been balancing capital and execution in your ventures? Share your thoughts below. #VentureCapital #VentureCapitalAsAService #VCaaS

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Building a fund is hard. Building one across cultures is a whole different game. Michael Lints from Golden Gate Ventures launched a MENA-focused fund ~1.5 years ago, backed by regional families. Before that, he spent 11 years in Singapore running their early-stage fund across fintech, healthcare, logistics, marketplaces, e-commerce, and media. Our conversation uncovered what most emerging managers underestimate: fundraising changes dramatically across geographies. • Geographic presence matters immensely - An institutional family office's second question was "Where are you living?" wanting the GP physically on the ground, not remotely managing. • Different regions prioritize differently - Middle East LPs focus on fundamental impact on local ecosystems beyond just returns; South Korea/Japan emphasize strategic value and information sharing they can bring back to corporate parents. • US is transactional - Americans are binary (yes/no quickly), no social component, meetings are efficient and decision-focused. • Middle East requires social time - Emphasis on dinners, coffees, social relationships is unmatched; you won't succeed without investing heavily in the social dimension. • Face-to-face time is non-negotiable - Visiting a region once or twice, then disappearing signals disinterest; LPs in the Middle East/Asia need to see you regularly in their geography. • Start with a strong anchor - First-time fund managers should focus on securing one strong anchor LP (family office, strategic corporate, or super angel) rather than spreading efforts thin. • Show progress between meetings - Coming back a year later at the same fundraising stage with no progress kills momentum; continuous advancement is critical. • Warm introductions are mandatory - Cold outreach to family offices rarely works; need to build a network through time in the country and strategic questions like "Do you know families allocating to venture?". • Never ask directly for intros - Instead, ask "Who's interested in this space?" or "What are they looking for?" then provide value first before seeking an introduction • First meeting is about values - Focus on understanding what matters to the family long-term, ask questions, listen more than pitch. • Always meet in person - Second meetings should be face-to-face when possible, even if it means flying to them; shows commitment and seriousness. • Multiple locations build trust faster - Meeting LPs at different venues (office, home, events, dinners) accelerates trust-building versus same location repeatedly. • Qualify LPs early through questions - Ask about investment history, allocation strategy, decision-making process to avoid wasting time on families that will never allocate to venture. • Invest in senior IR early - As soon as you close Fund I, hire a senior investor relations person; they pay for themselves by maintaining relationships and enabling GP to focus on the next fund.

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