Capital wasn't the problem
Watch Iqbal’s interview.
Before Cohort 13, Sheheryar Iqbal thought the business needed more capital. He joined Accelerating Asia expecting fundraising to be the main unlock, then spent the programme learning that he had been focused on the wrong constraint.
The company at the time was Driftly, and its enterprise sales journey could take three to six months. During the Monday stand-ups, Iqbal had to share the numbers and talk through the week-over-week performance with the rest of the cohort. Looking at the business that way started to show him what he calls "different signals". The problem wasn't simply how much money the company had raised. It was whether the fundamentals were strong enough for more capital to make a difference.
"Once I joined the cohort, I started realising that our focus needed to be on the business fundamentals," he says. "Success shouldn't be connected to how much you're raising or how much capital you've raised."
That realisation led to a much bigger decision than changing the pitch or tightening the sales process. Iqbal changed the direction of the business itself. Driftly became Ground, an AI-powered operating system that gives functional managers agents to work on their behalf.
For Iqbal, the clearest early signal was the response from customers. When he explains the problem now, he says the reaction is immediate: "Oh wow, that's my problem. That's a big problem for me as well." The time between a first conversation and actual revenue has also become much shorter than it was in the previous business.
Ground made that change during the final six weeks before Demo Day. By the time Iqbal presented the new company, Ground reported:
US$20,000 in annual recurring revenue
135% net revenue retention
Customers across the United States, the Middle East and Southeast Asia
More than 60% of its round closed
The fundraising conversations changed too. Iqbal says adding Accelerating Asia to Ground's investor outreach led to more responses, more conversations and real offers. Ground has now closed more than 60% of its round. But when he talks about the programme, fundraising is no longer the main point.
"Today when I think about my seed round, I just feel a little less nervous about it," he says. "I'm like, let me just focus on my fundamentals."
He now calls Craig, Zelia or Amra when he's thinking through a cap-table decision, and describes the relationship as a small family he expects to keep for the long term.
His advice to founders considering Cohort 14 is to look at the decision differently from a straightforward capital offer. The value, in his view, is also in the doors the programme opens, the introductions, the way Demo Day is run and having a regional partner for the three-to-five-year journey ahead.
For founders, Ground's story is a useful reminder that the thing you think is holding the company back may not be the thing the numbers show you once somebody starts asking harder questions. Iqbal didn't leave the programme with a better version of the company he entered with. He left building a different company, in a bigger market, with faster customer response and a much stronger set of early commercial signals.
If you're building a seed to pre-Series A startup in South or Southeast Asia, applications for Cohort 14 close on by 23 August to be included in priority review. Applications will remain open after that date, but later applications will be reviewed only where the selection timetable and team capacity allow.
SUBMIT YOUR APPLICATION FOR COHORT 14
Apply by August 23, 2026
US$100,000. 100 days. Up to 10 startups. We back seed to pre-Series A founders solving real problems across South and Southeast Asia.
For investors, Ground is also an example of what the accelerator allows Fund II to see before Demo Day: the original assumption, the operating data, the founder's response and the company that came out the other side.
Fund II is in final close, with more information at acceleratingasia.com/investors.
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* Carta Q4 2025 VC Fund Performance. US benchmarks used as Asian fund comparables remain limited.
About Accelerating Asia Ventures
Accelerating Asia Ventures is an independent accelerator and venture capital fund investing in early-stage startups across Southeast and South Asia. Founded by operators, the organisation is committed to supporting founders with capital, credibility, and a long-term community.
For interviews, data requests, or portfolio introductions, contact: team@acceleratingasia.com
