Meet the first batch of startups that received investment from Accelerating Asia’s US$20M Fund II

Accelerating Asia

Singapore-headquartered accelerator-cum-VC-fund Accelerating Asia announced the first batch of investments from its US$20-million Fund II launched in September.

This is also the fifth cohort of pre-Series A startups joining the fund’s flagship 100-day accelerator programme.

The nine startups are:

  • Chat Genie (Philippines): An online B2B platform providing integrated online payment and automated delivery services to businesses on Facebook Messenger, Instagram, Viber, GCash, PayMaya, and other super apps.
  • Dana Fintech (Bangladesh): A fintech startup that enables banks, financial institutions and fintech firms 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): An online personal styling service for women.
  • Giftpack.ai (US): An AI-powered corporate gifting platform that digitalises companies’ relationships with customers through analyses of recipients’ social media, cultural background, and digital footprint to customise gift options at scale.
  • Mayani (Philippines): An agri-e-commerce platform that empowers smallholder farmers by providing them broader access to market, while minimising food loss through a digitised agri value chain.
  • Sohopathi (Bangladesh): An online social platform for P2P learning that enables learning and teaching simultaneously.
  • Supply Line (Bangladesh): A digital B2B procurement and invoice financing solution to connect local retailers with lenders and distributors through a single platform.
  • VIFO (Vietnam): A single SaaS platform unifying insurers, agencies, customers, and customer services to make insurance easier for everyone.
  • Z-Waka (Myanmar): A SaaS platform that enables doctors in developing countries to efficiently manage clinics, collaborate with other healthcare professionals and pharmaceutical companies in order to provide affordable high-quality healthcare.

As per a press release, 80 per cent of Cohort 5 startups address at least one of the United Nations’ Sustainable Development Goals, such as gender equality, responsible consumption and production, and industry, innovation and infrastructure. In addition, 50 per cent are co-founded by female leaders.

Also read: Investing with gender lens: Proven strategy to achieve 2x+ in returns

Launched in September 2021, Accelerating Asia’s Fund II aims to bridge the gap between seed and pre-Series A investments for startups with untapped potential that are six to 18 months away from institutional funding.

The fund claims that the nine startups have increased their recurring revenue by over 40 per cent to an average of US$20,000 per month after one month of joining the programme.

Founded in 2019, Accelerating Asia has invested up to US$250,000 each in over 40 startups spanning across ten countries in Southeast and South Asia.

Accelerating Asia has also joined “Pledge 1%”, a global movement to inspire, educate, and empower every company to be a force for good. The new cohort represents the fund’s commitment to accelerating startups with scalable technology solutions and business models that combine purpose with profit.

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Image Credit: Accelerating Asia

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