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October 11, 2022

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When it comes to closing the gender equality gap in entrepreneurship, many barriers remain to be addressed. However, female entrepreneurs in the startup industry are now rising and have been taking center stage.

Fortune recently released a list of the 15 Most Powerful Women in Startups based on PitchBook valuation data. 

Eight women on the list are notable Asian women who are either founders of highly valued startups where they hold important jobs or chief executives of highly valued firms.

Without further ado, here are the most powerful women in charge of the most valuable private companies in the world today.

 

Melanie Perkins

Cofounder and CEO, Canva

Valuation: $26 billion

The Malaysian-Austrailian cofounder and CEO of design software maker Canva was valued at $40 billion in 2021, which makes it the highest-valued female-founded startup in the world. Launching their new office product, the company is ready to take on Microsoft and Google.

 

Divya Gokulnath

Cofounder and director, Byju’s

Valuation: $22 billion

Gokulnath cofounded India’s most valuable startup, Byju’s. The firm’s aim is to make learning engaging and effective by leveraging deep pedagogy and cutting edge technology.

 

Miranda Qu

Cofounder and president, Xiaohongshu

Valuation: $20 billion

Based in Shanghai, the social e-commerce app Xiaohongshu (translation: “Little Red Book”) has been key to the rise of experiential shopping in China. The innovative platform integrates the authentic content shared by its community with commerce, quickly becoming one of the most popular destinations for making lifestyle decisions.

 

Ruchi Kalra

Cofounder and CFO, OfBusiness; cofounder and CEO, Oxyzo

Valuations: $5 billion (OfBusiness); $1 billion (Oxyzo)

Kalra along with her husband Asish Mohapatra, cofounded the carbon management business OfBusiness and the digital lender Oxyzo. OfBusiness provides India’s SMEs access to cash flow-based financing for buying raw materials through its NBFC ‘Oxyzo Financial Services’.

 

Adi Tatarko

Cofounder and CEO, Houzz

Valuation: $4 billion

The Israeli-American cofounder and CEO started the home remodeling and design platform where people can browse and save beautiful photos of inspiring home, as well as find and hire the right design and construction professionals.

 

Eynat Guez

Cofounder and CEO, Papaya Global

Valuation: $3.7 billion

Papaya Global is a payroll platform trusted across 160+ countries and all types of employment. Based in Israel, Guez cofounded the startup after a long career in global workforce management.

 

April Koh

Cofounder and CEO, Spring Health

Valuation: $2 billion

Koh became the youngest woman to run a multibillion-dollar company when the startup hit its $2 billion valuation in 2021. With the mission to eliminate every barrier to mental health, Spring Health offers mental health care services as an employer-provided health benefit.

 

Jinglan Wang

Cofounder and CEO, Optimism

Valuation: $1.7 billion

Optimism is an Ethereum-based decentralized infrastructure platform that allows for instant transactions and scalable smart contracts.The company valued at $1.7 billion as it worked to scale Ethereum.

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A Secret Business Purchase Grew Into A Multi-million Dollar Enterprise

Tess Nguyen who is a trained physiotherapist was searching Gumtree, Australia’s marketplace, for a physiotherapy clinic to buy. Instead, a sleepwear ad called Midnight Mischief captured her eye, “I’d never heard of personalised pyjamas, and I was pretty up-to-date with trends, so I sent an inquiry,” she told 7life.

She consulted her friends who have accounting and business experience and told Tess it was worth nothing and advised her not to buy it. However, she liked the pyjamas’ style and name, plus she was able to bargain the business down to $15,000. So, a month later she bought the business.

Tess kept the purchase secret from her family. The business was going slow during the first two years, and running the business while working as a full time physiotherapist, took its toll.

When 2020 hit, the business was ready for the huge demand prompted by COVID and people staying at home. The big moment was when TV presenter Jules Sebastian posted a photo of herself wearing Midnight Mischief pyjamas.

The brand grew 165% in the year to July 2021. And Tess has gone from pyjama girl to Pyjama Queen – selling a set every 10 minutes. The designs retail for about $99.95 – and her sleepwear empire is now turning over $2.3 million.

“I’m so glad I did it and I’d tell anyone else to do the same,” Tess told 7Life, “Just go for it. You can figure it out as you go along. It’s worked for me.”

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Awkwafina Knows Best About How She Is Still More Financially Great Living On $500 A Month

Even though the Crazy Rich Asians actress’ wealth is likely in the millions, she believes that a mere $500 per month is sufficient to cover her expenses.

The 32-year-old actress recently told Harper’s Bazaar that her money philosophy goes back to when she was building her Awkwafina musical and comedy persona, which she used as an outlet for her creativity while she worked a day job in book publicity.

Her grandmother brought her up in a one-bedroom apartment in Queens, New York. Because her family’s restaurant went out of business and they were forced to sell their home, she has developed a greater appreciation for monetary gain than any other aspect of her life.  

Awkwafina remembers that funds were tight at home and that she would stay up late with her grandma, who worried about paying the bills.

She also claims that despite being in a better financial position to support her family and herself, she still maintains a just-the-basics mentality. The actress has been known to buy clothes at Target and not spend much money on anything. She set out with the simple objective of covering her living expenses. 

She explains to Harper’s Bazaar, “I went into this mode off, if I can make $500 a month, that’s all I need.” 

Awkwafina’s motivation and success are attributed mainly to her refreshingly optimistic view of financial considerations. She has kept herself busy acting in the years since, including launching her comedy series on Comedy Central and becoming the first Asian-American actress to win the Golden Globe for best actress for her lead role in the 2019 drama “The Farewell.”

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Chef Tracy Chang Gives Back To The Community Through The Language Of Food

Restaurateur Tracy Chang started the nonprofit Off Their Plate and Project Restore Us through the COVID-19 pandemic in 2020. 

The owner of the Japanese tapas restaurant,  PAGU, started Off Their Plate as a way to feed healthcare workers, and Project Restore Us sends nutritious and culturally appropriate grocery boxes to families living in food deserts. Both groups work to support local kitchens run by women and BIPOC and volunteers.

As a chef, Tracy also finds herself more in tune with customers than ever before. As someone who grew up lactose intolerant, she sources ingredients responsibly and remains mindful of the way guests feel after they leave her restaurant. This is also part of her restaurant’s ethos.

Her grandmother has also influenced Tracy’s cooking. Although her grandmother didn’t speak English, she spoke the language of food really well, said Tracy, and that was something that always resonated with her.

For Tracy, her personal experience has definitely come into play — trained in Spain but worked at a Japanese restaurant, and she grew up with a lot of Japanese and Taiwanese food, “The menu at PAGU is autobiographical and about my experience learning very specific dishes and techniques from people like my grandmother, my mentor and some of the chefs I’ve worked with.” she told TimeOut.

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Young Tech Startup Founders In Asia Make Mental Health Support Accessible To Break Stigma

Breaking down societal stigma and creating a new mental healthcare system for the Asia-Pacific area are two of Theodoric Chew’s objectives, founder of the digital mental health app, Intellect.

Founded in 2019, the mobile app frequently monitors users’ moods, delivers rescue sessions and exercises, and lets them chat with therapists in real-time. 

The 26-year-old explained that mental health is just as important as physical health, “You and I face things like stress, burnout, sleep issues, and relationship struggle as well.” he told CNN, “ That’s where actually a lot of us should start working on our mental wellbeing.”

Since early 2020, the startup serves over 3 million Asia-Pacific users in 15 languages. According to CNN Business, the Singapore-based mobile app has raised $20 million in its Series A funding, the largest amount raised by a mental health start-up in Asia.

Early this year, Singapore and Jakarta-based digital mental healthcare start-up, Ami, has raised at least $3 million from a number of investors, including Meta, the owner of Facebook. The firm was founded by Justin Kim, a Forbes 30 Under 30 Asia alum with Beknazar Abdikamalov.

Both digital mental health companies are targeting employers in their business models, where companies can subscribe to provide staff unlimited, private access to their services.

According to the WHO, depression and anxiety disorders cost the global economy $1 trillion a year in lost productivity. In March, it was reported that anxiety and sadness surged 25% worldwide in the first year of the pandemic.