Integra Partners 2022 Investor Day Summary

  • Illiquid asset class is about pacing your deployment and investing for the long-term
  • Today is a much better time to deploy vs. the past two years
L to R: Jennifer Ho (Integra Partners), Azran Osman-Rani (Naluri), Levana Sani (NalaGenetics), Tobias Fischer (wagely) and Quan Nguyen (GIMO)
  • One key example of this in financial inclusion is earned wage access, which is a simple value proposition to workers who need emergency funding, but serves as an entryway to offer more financial products and services, including savings, investment and insurance.
  • Prevention rather than cure: Driving healthcare inclusion is most impactful when the focus is on preventing diseases rather than treating them when it becomes cost-prohibitive to do so. It is help align the interests of patients, payors and providers.
  • Data — the new gold: Central to both financial and healthcare inclusion is the issue of data. Access to data like employee salaries and spending habits, or chronic disease risk, is central to the value proposition of all four companies — such as using salary and spending data to design new financial products that better meet the needs of users, or creating prevention and treatment plans for at-risk patients. But with access to data comes issues like privacy and discrimination, for which companies must have a strong framework to navigate responsibly.
L to R: Joshia Kwa (Integra Partners), Rawson Harvey (Reflection Digital), Ian Estrada (XLD Finance)
  • Utility first: For the minority of allocators still deploying, it is purely for assets with utility value, such as NFT art pieces that they would own regardless of price volatility.
  • Macro over tech: With increasing institutional participation, the price action of crypto is more correlated to macro events than underlying technological events such as the Etherum merge or the Bitcoin halving. The current global macro uncertainty will need to tide over before the next wave comes.
  • Reputation matters: A look back at the recent cycle reveals patterns about various individuals and groups within the ecosystem, with some becoming associated with rug-pulls and short term profit taking. Veterans in the space advise long-term investors to avoid projects associated with such actors.
  1. Sector Investment Thesis: At Integra, financial services and healthcare remain our core pillars of investment focus. Fintech has been one of the leading sectors in Southeast Asia’s digital economy, with ~35% of all private capital invested in this vertical alone for the year of 2021. Healthtech, though being a more nascent sector in this region, is a sector that is highly adjacent and synergetic with financial services. Under today’s macro environment, we prefer to support the financial and healthcare inclusion theme through B2B2C or B2B businesses given the ability of such start-ups to acquire a long tail of end customers at lower cost and higher LTV-to-CAC ratios. Eventually, in financial services and healthcare, it is also those that can accumulate, manage and leverage data effectively and efficiently that can drive return and lead to good exit opportunities.
  2. Web3.0: From our perspective, the current crypto-winter has weeded out many of the unsustainable ideas and projects, including some of which previously raised sizable amounts of capital. This frees up talent, resources and attention to the ones solving real problems. For long term investors out there, you can also expect to see more reasonable valuations relative to 2021.

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Integra Partners

Integra Partners

Integra Partners invests in early stage companies in the areas of financial services, insurance and healthcare. Visit us at integrapartners.co