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Singapore’s Accelerating Asia announces fourth cohort ahead of widened regional reach

Written by Ursula Florene Published on   3 mins read

The 11 new companies cover a range of industries, helping Accelerating Asia grow in the region through partnerships with governments and investors.

Singapore-based accelerator venture capital firm Accelerating Asia announced the fourth cohort of its flagship 100-day program for pre-Series A startups. The 11 new portfolio companies hail from Singapore, Indonesia, Pakistan, and Bangladesh, and cover ten industries.

The firm’s co-founder and general partner Amra Naidoo said that for this batch, the firm received a record number of applications from 500 startups from 30 countries. “With just 2% of startups selected, the chosen 11 will be part of our largest cohort and are eligible to receive up to SGD 200,000 (USD 149,000) in investment from our VC fund,” she said in a statement.

This batch also saw participation from startups operating in new sectors such as property, online dating, and marketing or advertising. Indonesian startup TransTrack.id, for example, collects data to track, analyze, and improve transport operations with more than doubled year-on-year revenue. Bangladesh-based Amar Lab provides on-demand diagnostic services and has delivered over 10,000 diagnostic tests, including COVID-19 tests, for individuals and corporate clients.

Overall, the 11 startups have raised over USD 4.4 million coming into the program, bringing the total capital raised by Accelerating Asia’s startups to over USD 22.3 million, with 70% of investment raised since joining the firm’s portfolio. After joining the program, Accelerating Asia claimed their portfolio saw a doubled growth rate and increased monthly revenue.

“During the Accelerating Asia program, participating startups on average grow monthly revenue 350%, and 90% of companies raise outside capital from our network of angels, family offices, and institutional investors. We’re excited to build on our track record with cohort four,” said co-founder and general partner Craig Dixon.

These are the participants in the fourth cohort:

  • Amar Lab provides end-to-end diagnostic services, such as sample collection and testing at users’ homes. Results are provided via e-mail or post, eliminating the need to travel to hospitals or clinics. The startup partners with top local and international medical testing labs.
  • Casa Mia is a co-living operator offering private bedrooms in shared homes.
  • DoctorKoi offers prescription writing software that allows doctors to write prescriptions for 27,000 medications. It works with over 1,300 doctors, partners with top pharmaceutical companies, and has processed over 2.6 million digital prescriptions.
  • Drive Lah is a mobility company that offers access to nearby cars for personal or commercial use. It has acquired another mobility startup, Smove.
  • HandyMama is a cleaning and handyman services platform, connecting Bangladeshi customers with service providers through a mobile app, web app, and call center. HandyMama has helped over 100,000 households while employing over 500 people full-time and 3,000 part-time. Their vision is to serve 1 million households by 2025.
  • Independents is an AI-powered marketplace that matches individuals or teams with marketing projects.
  • Kopi Date is a social platform. During COVID-19, the team successfully pivoted and innovated with new products, including Date From Home, and their monthly revenue increased 50% in the last month. Since the ease of lockdowns, Kopi Date has experienced 32% growth and has curated thousands of dates.
  • Mobiliti provides state-of-the-art bionic lower limb prosthetics at affordable prices. Mobiliti has already served over 1,000 patients and established a partnership with the International Committee of the Red Cross.
  • Swap is a cross-category exchange platform for users to sell or swap old phones, laptops, cars, motorcycles, or furniture in just 24 hours. With over 25,000 clients served in 12 months, Swap has reduced 36 metric tons of e-waste and 694 metric tons of carbon emissions.
  • TransTrack.id is a fleet telematics system integrator, providing data collection from fleets, drivers, and assets of transport operations. It also builds integrated solutions to optimize productivity and boost efficiency and effectiveness. In the past 12 months, TransTrack.id’s year-on-year revenue has more than doubled, increasing 130%.
  • Waitrr provides a QR code for ordering and serves as a payment platform for restaurants, cafes, hotels, and bars, without the need to download an app.

Launched in 2018, Accelerating Asia is at the core of a community of more than 70 founders from 35 startups across nine countries. The team is planning to expand its reach around the region, in particular via cohort recruitment and partnerships with governments and investors. Accelerating Asia currently runs Amplify, a six-module virtual accelerator program; and Angel360, a virtual angel investing program which provides investors with a step-by-step guide to investing in the region. Accelerating Asia is part of Enterprise Singapore’s Startup SG network.

Cohort four’s program will have an online Demo Day on June 17, 2021. Accelerating Asia is currently open to applications for Cohort Five.

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