Singapore-headquartered early-stage venture capital fund Accelerating Asia has officially announced the first batch of investments for Fund II and its fifth cohort of pre-Series A startups joining its flagship 100-day program.
The startups from Bangladesh, Malaysia, the Philippines, the US, and Vietnam have already increased their monthly recurring revenue by over 40 percent to an average of $20,000 per month since joining Accelerating Asia last month, the firm said in a statement on Tuesday.
“We believe that the startups are on track to increase revenue significantly over the next 12 months, given our track record with portfolio startups having an average monthly recurring revenue of $55,000, up 180 percent since joining Accelerating Asia and completing our customized, tailored accelerator that helps derisk startups across our diversified investment portfolio,” Accelerating Asia Co-Founder and General Partner Amra Naidoo said.
The startups cover eight verticals: fashion e-commerce, AgriTech, FinTech, e-commerce, HealthTech, InsurTech, and EdTech, industries that are poised to grow significantly and capitalize on digitization trends across Southeast and South Asia.
The new cohort has also attracted investor interest and received commitments from investors in Accelerating Asia’s fund who get early access to startups. This brings the total investment raised by Accelerating Asia’s startups to $36 million.
Accelerating Asia recently announced the opening of its $20 million Accelerating Asia Fund II to a wider investor community and has since received initial commitments from existing Limited Partners from its previous fund, and partners. The new fund looks to bridge the market gap for pre-Series A investments in Southeast Asia and South Asia, the fastest-growing regions in the world.
Accelerating Asia’s Cohort 5 startups include:
- Chat Genie (Philippines) is a B2B online platform, providing integrated online payment and automated delivery services to over 2000 merchants.
- Dana Fintech (Bangladesh) enables banks, financial institutions, and fintechs to offer digital lending and buy now pay later (BNPL) facilities to underbanked SMEs and individuals through its unique credit scoring engine, digital underwriting, and API platforms.
- Ellegra (Malaysia) is an online personal styling service for women.
- Giftpack.ai (US) is an AI-powered corporate gifting CRM that digitalizes your relationships. The company’s AI technology efficiently analyses each recipient’s social media, cultural background, and digital footprint to customize gift options at scale.
- Mayani (Philippines) is an agri-e-commerce platform that empowers smallholder farmers by providing them broader access to markets while minimizing food loss through a digitized agri-value chain.
- Sohopathi (Bangladesh) is an online social platform for peer-to-peer learning which enables any person to learn and teach at the same time.
- Supply Line (Bangladesh) provides digital B2B procurement and invoice financing solutions to local retailers by connecting them with lenders and distributors, through one single platform.
- VIFO (Vietnam) unifies insurers, agencies, customers, and customer services into a single SaaS platform to make insurance easier for everyone.
- Z-Waka (Myanmar) is a SaaS platform that enables doctors in developing countries to efficiently manage clinics and collaborate with other healthcare professionals and pharmaceutical companies.