Enterprise Singapore-backed accelerator to fund edtech startups with over $360k

Seed capital firm and startup incubator Spaze Ventures announced the launch of EduSpaze, an education technology accelerator backed by enterprise development agency Enterprise Singapore.

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The new accelerator is set to support early-stage edtech companies with up to S$500,000 (US$368,000) of funding, according to a statement. EduSpaze will also provide customized resources to meet the specific needs of the selected startups.

Eligible companies have until December 20 to apply for the first batch. Up to 10 companies will be chosen to participate in the program, which is slated to begin in February 2020.

According to the company, EduSpaze differentiates itself from typical accelerators in a number of ways, including its focus on giving startups a customized experience. It also places an emphasis on impact, ensuring that the edtech products from the program meet the needs of educators, trainers, and learners.

EduSpaze will also use methodologies to measure the effectiveness of new edtech products when it comes to improved learning outcomes and other positive impact metrics, the company said.

But like other startup accelerators, it will also touch on more conventional topics such as business development and fundraising.

“We want to be thoughtful about how EduSpaze operates as an edtech accelerator at a local and regional level,” said EduSpaze program director Niko Lindholm. “Drawing on my background in the edtech space in Finland, I would like to leverage global best practices to help stimulate innovation in the space here in Singapore.” Lindholm was previously director of the xEdu edtech accelerator in Finland.

According to a report by HolonIQ, the global education market is projected to be worth around US$10 trillion by 2030. Alex Ng, managing partner at Spaze Ventures, said that the company sees a great opportunity in the education sector of Singapore in terms of market size and demand.

In addition to Enterprise Singapore, EduSpaze said it is also backed by some leading educational institutions locally and internationally.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.