Singapore, 7 January 2020 - Accelerating Asia, a startup accelerator and early stage venture capital fund headquartered in Singapore, has formally unveiled its second cohort. The startups that comprise Accelerating Asia’s second cohort hail from six countries including Australia, Bangladesh, Myanmar, Indonesia and Singapore. They have already raised over S$2 million in funding ahead of the programme, employ close to 200 people and have an average monthly recurring revenue of over S$40,000.
As a partner of Enterprise Singapore’s Startup SG Accelerator programme, Accelerating Asia contributes to the growth of startups and the vibrancy of the innovation ecosystem in Singapore. Each startup will receive an additional S$100,000 in growth funding from Accelerating Asia’s venture arm, taking the second cohort’s combined funding to over S$3 million.
Craig Bristol Dixon, Co-Founder of Accelerating Asia said, “We are delighted to unveil the latest cohort of startups - companies who are already disrupting traditional industries such as agriculture, logistics and finance. This truly reflects the depth and maturity of entrepreneurs and the Southeast Asia ecosystem.“
In a first for Accelerating Asia, startups from Myanmar and Australia have joined its program. The inclusion of these startups diversifies Accelerating Asia’s investments into new markets, expanding its combined reach to nine countries. Accelerating Asia also saw an increase in startup maturity based on the number of startups already generating revenue. The new cohort also features female-led ventures – Romoni, Recyglo, Priyoshop and Joni.ai, with 40 percent of the Accelerating Asia portfolio now including startups with female co-founders.
“All the ventures coming into cohort 2 are catalysts for positive change, for example, Joni.ai is transforming education, delivering AI-powered platforms that are customising learning according to student needs,” Accelerating Asia Co-Founder Amra Naidoo said.
The number of startup investment deals done in Southeast Asia has almost doubled in the past year, according to a recent 2019 report by Cento Ventures. Early-stage investments below US$500,000 spiked in the first half of 2019 due in part to deals done by accelerators and incubators such as Accelerating Asia. The announcement of the second cohort brings the number of Accelerating Asia’s deals to 20 in the last six months, worth a total of S$2million.
“During recruitment, we had touchpoints with over 2,000 startups and selected ten from over 200 eligible applications,” Amra said. “Our recruitment and selection process allows us first-look access to emerging technologies and direct deal flow across the portfolio. Our last cohort had significant growth during the four months with Accelerating Asia – these startups raised over $3million, achieved 2.5x MRR growth and created 40 new jobs,” added Amra.
Ms Lim Seow Hui, Director of Startup Development at Enterprise Singapore, said, “Enterprise Singapore looks forward to a continued relationship with Accelerating Asia, an important partner in our network of Startup SG partners. Accelerating Asia will play a crucial role in supporting a diverse group of innovative entrepreneurs. These startups are well-placed to leverage the connections and knowledge of our Startup SG partners to identify and capture new opportunities brought about by the rapid economic growth in the region, as well as the increasing emphasis on sustainable development globally,” she said.
Accelerating Asia is a Singapore based venture capital fund and award-winning startup accelerator, we believe entrepreneurs are one of humanity’s greatest catalysts for positive change. At Accelerating Asia we are driven to seeing people succeed, we work with our partners and startups to unlock potential and deliver high impact solutions by providing access to the tools, resources, and networks to accelerate growth.
Our flagship program targets pre-series A startups and the venture capital fund invests in high-potential, high-growth enterprises to take them to the next level. Through strategic partnerships with multinationals, governments, development organisations and education institutions, we support better engagement with startups and more effective implementation of new technologies. At the core of the work we do is the guiding belief that entrepreneurs are humanity’s greatest catalysts for positive change.
Accelerating Asia invests in startups with scalable technology solutions and revenue generating business models that combine purpose with profit.
In making an investment decision, investors must rely on their own examination of startups and the terms of the investment including the merits and risks involved. Prospective investors should not construe this content as legal, tax, investment, financial or accounting advice.