Accelerating Asia pours funding into 13 startups

Accelerating Asia, a Singapore-based early-stage VC firm and startup accelerator, has backed nine new startups across Asia and poured additional capital into four companies that are part of its existing portfolio.

Participants of an Accelerating Asia bootcamp / Photo credit: Accelerating Asia

With the investment into the new firms, which are part of the VC firm’s sixth cohort, Accelerating Asia now has 52 startups in its portfolio that have raised a combined total of over US$42 million. These companies clock an average gross merchandise value of US$100,000 every month and an average monthly recurring revenue of over US$25,000.

The latest investments were made across eight verticals including proptech, marketplace, fintech, logistics, services, ecommerce, and healthtech.

“Our VC accelerator model ensures high potential founders have greater access to needed capital financing, mentoring, and skillsets to enhance their growth trajectory and quickly become leaders in their respective verticals while also lowering the overall risk for our investors at an early stage,” said Accelerating Asia general partner Amra Naidoo.

The new startups in Accelerating Asia’s portfolio are:

• Fitscovery creates a customized fitness website for trainers and vendors, equipped with events, video programs, and membership subscriptions.
• Godaam Tech creates a marketplace for warehousing and ancillary services, helping customers and warehouse owners shorten booking times, scale, and improve the visibility of their products.
• Markopolo automates campaign creation and management on social and search platforms. It helps users launch targeted ads, find creative and AI-powered copies, schedule posts ahead of time, and get real-time analytics on how they perform.
• MedEasy is an online pharmacy and digital health platform that provides doctor video consultations and home delivery of medicines.
• NuCredits is a trade finance platform for businesses that connects global lenders powered by blockchain and open data tech.
• Relay.club connects Asian brands with international social media influencers through a subscription software-as-aservice-based platform.
• Stylemyle is an online luxury fashion marketplace that provides boutique retail partners with digital tools and an additional channel to sell their collections, focusing on sustainable solutions for the environment.
• Tokban is a B2B platform for construction materials, maintenance, repair and operations, and home renovations.
• 60 Plus India is a platform that focuses on personal, emotional, healthcare, and data management for senior citizens.

The existing startups that received follow-on funding from Accelerating Asia are:

• Giftpack is an AI-powered gifting platform that simplifies the corporate gifting process by analyzing each recipient’s social media, cultural background, and digital footprint to customize gift options at scale.
• Numu is a software management tool that provides solutions for influencer-driven marketing campaigns. Their services include customized brief URLs, advanced analytics, customer relationship management integration, shipment, and payment automation.
• TransTrack offers fleet telematics solutions by analyzing real-time telemetry data such as geolocation, fuel level, mileage, and maintenance alerts for vehicles.
• Shuttle is a B2C and B2B transport tech company focused on making daily commutes convenient and affordable for middle-income people in developing countries.

See Also: Capital SEA: Southeast Asia’s funding landscape (updated 04 May 2022)