Early-stage venture capital fund Accelerating Asia said that it will double the amount of funding for startups in its acceleration program. Eligible startups will receive up to SGD 200,000 (USD 141,500) from the venture capital via a SAFE note for 7–10% equity.
Accelerating Asia claims this new amount puts them ahead of other startup accelerators in Southeast Asia, which generally invest half the amount or less in exchange for equity.
“With the additional funding, we’re better positioned to take bigger bets on startups that come through our program, while still working closely with founders to scale their growth, close investment, and take their businesses to the next level,” said Accelerating Asia’s general partner and co-founder Amra Naidoo in a statement.
The program, which targets pre-Series A startups, seeks to identify high-impact and high-potential companies from all sectors across the region and boost their growth. Startups participating in the firm’s three-month accelerator will receive an investment of SGD 25,000 (USD 17,700) cash up front to support their business, as well as access to Accelerating Asia’s mentor and investor network.
Registration for the third cohort will close on May 17.
Launched in 2018, the Singapore-based venture capital firm is at the core of a community of more than 39 founders from 19 startups across nine countries. These 19 companies have raised a sum of over SGD 5 million (USD 3.5 million) while taking part in Accelerating Asia’s flagship program.
“In what we consider a cohort effect, a number of our portfolio companies are also working together and entering partnerships to deliver value to customers and their investors,” said Accelerating Asia’s general partner and CEO, Craig Bristol Dixon.
Its second cohort, which was unveiled in January 2020, includes nine startups across a diverse set of B2B verticals, from logistics to e-commerce. Some of the participating companies managed to raise funding from other investors—VCs and angel investors—during the program. Alumni from this cohort include Singaporean education tech startup Joni.ai, agri-fintech firm iFarmer, e-commerce platform Priyoshop, as well as supply chain startup Nitex.
Accelerating Asia is also a partner of Enterprise Singapore’s Startup SG accelerator program.