Accelerating Asia, a Singapore-based accelerator and venture capitalist will inject fresh capital into eight startups, media reports said. The startups are chosen to take part in the venture capitalist’s new accelerator cohort through a series A funding.
Accelerating Asia co founder Craig Dixon, told the media, “The eight startups were chosen out of the approximately 450 startups from 25 countries that applied for the venture capital firm’s third accelerator cohort program. Each startup would receive an initial investment of SG$50,000 (US$36,500) and that those that showed good performance could receive up to SG$150,000 after the program concluded in November.”
It is reported that KaryaKarsa and MyBrand are the two Indonesian startups that will take part in the program. Energy Lite, a Singaporean renewable energy funding aggregator and India’s ProjectPro will also take part in the funding.
According to Accelerator Asia, the startups had received more than SGD$ 1.2 million from existing investors and angel investors in the first four weeks of the program. Indonesian startups expect to benefit investors and can be a part of the solution which will be used for post-Covid 19 economic recovery.
It is reported that the alumni of the program was associated with AngelHub, a Hong Kong-based angel startup, AngelCentral, Golden Gate Ventures, Cocoon Capital, Monk’s Hill Ventures and Angel Investment Network Indonesia (ANGIN).
The new programme marks a strong move by Accelerating Asia amid the Covid-19 pandemic as it has walloped many economies by storm in the South Asian region.