Early-stage venture capital fund Accelerating Asia announced on Tuesday that it would invest in eight startups chosen to join its latest accelerator cohort through a preseries A round of funding. The companies include two Indonesian startups: KaryaKarsa and MyBrand.
KaryaKarsa is a platform that seeks to enable people to monetize their creations, such as music and visual art. MyBrand is a social marketplace for home-based food and beverage businesses and street food vendors.
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, according to Accelerating Asia cofounder Craig Dixon. Dixon said 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$150,000 after the program concluded in November.
“We have reinforced our presence in Indonesia through our recruitment efforts for this cohort,” he said in a statement on Tuesday. “The talents of our startups are well placed to benefit investors, and we believe they can be part of the solution to address problems in the post-COVID-19 world.” Other startups in the accelerator programs include Singaporean renewable energy funding aggregator Energy Lite and Indian company ProjectPro, which provides a work automation platform that seeks to help data scientists work faster. Accelerator Asia said that in the first four weeks of the program, the startups had received more than SGD$ 1.2 million in initial commitments from existing investors and angel investors.
The program’s alumni have worked with regional angel investors such as Hong Kong-based AngelHub, Angel Investment Network Indonesia (ANGIN) and AngelCentral, as well as with investors like Cocoon Capital, Monk’s Hill Ventures and Golden Gate Ventures. (eyc)