Singapore, 20 April 2015—Joyful Frog Digital Incubator (JFDI.Asia Pte Ltd) today revealed details of the 12 Singapore-based startup businesses joining its sixth 100-day accelerator program. The latest cohort are all Business-to-Consumer (B2C) companies whose customer insights will inform JFDI’s focus on the urban middle class of Asia.
The new teams come from countries as diverse as Vietnam, Denmark and India. 12 teams were selected from over 300 applications and each will receive up to SGD 25,000 (USD 19,650) cash investment, free workspace and the option to choose from a package of free technical and services valued at SGD 1.8million (USD 1.4 million). Yet past participants report that the most valuable benefit is a package of intense mentoring to help them build the traction they need to get ready to raise funding at seed or Series A level at a demo day where they meet 150 hand-picked active early stage investors. Historically, thisevent has seen over 60% of JFDI startups raise seed funding averaging SGD 700,000 (USD 545,000).
The focus in this cohort on business to consumer propositions marks a conscious choice by JFDI to explore an end of the supply chain that contrasts with its previous experience accelerating successful business-oriented SaaS startups like supply-chain management system Tradegecko.com and medical analytics platform Healint.com.
Hugh Mason, co-founder and CEO at JFDI.Asia, said “Sandwiched between India and China, there are more than 600 million people in Southeast Asia. 80 million of them are affluent middle class, typically living in cities, with very predictable wants and desires as they move through life’s journey. Their spending over the next few decades will define the shape of Asia’s future so, this time around, we wanted to work with startups that give us front-line insight into their lives, hopes and ambitions. We don’t intend to make consumer businesses our focus forever but do feel it is important to truly understand the ultimate customer for the businesses we accelerate if we are to keep adding value across the region.”
E-commerce and platform companies with substantial existing traction are a theme in the new cohort that ranges from startups delivering healthy snacks to offices; selling hijabs to fashionable women in Malaysia and Indonesia; to selling baby goods in Vietnam and kidware in Singapore. There is also a payment gateway for Myanmar.
Michael Blakey, one of Singapore’s most active business angels and resident at JFDI.Asia said of the startups, “I moved to Asia because of the shift in investment opportunities. I’m consistently impressed by the quality of startups that have graduated from JFDI.Asia’s programs and have also invested in JFDI’s portofolio companies. I am very optimistic about the latest cohort after hearing their pitches for the first time and am looking forward to Demo Day.”
The new startups joining JFDI Accelerate are all incorporated in Singapore. Their working titles and current focus are as follows but of course all may pivot and re-brand as part of the JFDI Accelerate program:
-
About Number – Mobile-first CRM, keyed by phone numbers, for Whatsapp and other mobile communications
-
Bakipa – Singapore’s first mobile marketplace designed especially for parents
-
Boxgreen – An online service that delivers an assortment of healthy snacks to consumers on a monthly basis
-
Envoyrs – International delivery service connecting customers with travelers coming their way.
-
FirstRide – Lead generation for car dealerships – we help buyers discover and book test drives online
-
Hijab2Go – a mobile commerce application that helps Muslim women try on thousands of fashion products virtually before buying
-
Kamraa – Housing rental meta-search for India, by the room
-
LetsCatchup – better job recruitment through school alumni networks, for India
-
Links – better job recruitment on mobile, for Southeast Asia
-
Taembe.com – Making Mom’s Life Easier
-
Voost – Mobile payments for Myanmar
-
Wiindi – The biggest social discovery commerce platform for Southeast Asia
Applications are now open for the next JFDI Accelerate program which will start in the third quarter of 2015.
INFORMATION FOR EDITORS
About Joyful Frog Digital Incubator (http://jfdi.asia)
JFDI was the first startup business accelerator program in Southeast Asia and the first in the region to be invited to join the elite Global Accelerator Network set up by US accelerator pioneer Techstars.
JFDI operates a variety of programs of startup business support, the most prominent of which is JFDI Accelerate, taking teams of entrepreneurs from validated ideas to investment readiness in 100 days. Since 2012, JFDI Accelerate has supported 62 teams. Of the 26 teams participating during 2012 and 2013, 21 are still operating and 60% raised seed funding averaging SGD 700,000 (USD 545,000). This portfolio is now valued at SGD 36 million (USD 29 million).
-
Details about JFDI Accelerate and the terms under which JFDI.Asia invests in startup businesses are set out at http://jfdi.asia/accelerate. Applications are open now for the next program.
-
Creative Commons licensed images relating to JFDI.Asia are available for download at: https://www.flickr.com/photos/jfdiasia/