SL’s Mintpay among Accelerating Asia’s eight new graduate startups to pitch to top global investors

• On 31 January 2024, Cohort 9 startups will pitch on Demo Day in Singapore to a packed audience of investors in Singapore, and again online for investors from around the world 
• Demo Day marks the culmination of Accelerating Asia Venture’s flagship 100-day accelerator program. Eight graduating startups saw a growth in average monthly revenue from $ 13,200 to $ 51,000, an increase of 286%
• The cohort is also notable for including startups from two new markets for the early stage VC, Sri Lanka and Japan
• The investment for Cohort 9 startups comes from Accelerating Asia Ventures Fund 2, which is focused on pre-Series A investments in Southeast Asia and South Asia and will invest in more than 100 startups in the coming years

The founders from Accelerating Asia Ventures’ Cohort 9 including Sri Lanka’s Mintpay will pitch their startup to a full, invite-only audience of investors from around the globe, including top angel investors, venture capital firms, and family offices.

At the start of the program, the eight startups already had an average monthly revenue of $ 13,200. By the end of the accelerator, average monthly revenue had grown to $ 51,000, an increase of 286%.

According to Co-Founder and General Partner Amra Naidoo, this rapid growth is attributable to the hard work that the startups themselves put into the 100-day accelerator program, who are chosen through a rigorous selection process. Prospective startups go through several rounds of interviews, which whittles down over 1,000 applicants to the chosen cohort for a selectivity rate or less than 2%.

There is also experience at play. Naidoo and Co-Founder and General Partner Craig Dixon 

have jointly made over 100 investment decisions, some of which have gone on to receive follow-on investments from the likes of Sequoia Capital, Cocoon Capital, MDI Ventures, Wavemaker Partners, Comfort DelGro, and other top individual and institutional investors. 

“Accelerating Asia Ventures takes pride in our ability to surface the best startups, led by the best founders. We have taken an iterative approach to our selection process, tweaking it with each cohort to improve our efficiency in finding the most promising organisations. Cohort 9 is the latest manifestation of this work: These are the companies that will hopefully go on to define their respective sectors in the years to come,” said Naidoo.

Cohort 9 startups have a market presence in six markets across Southeast Asia (Singapore), South Asia (India, Sri Lanka, Pakistan, Bangladesh) and East Asia (Japan). In alphabetical order here are the incredible eight blazing new trails in their industries: 

BrickandMortarAI: connects their AI system with existing CCTV infrastructure and churns out actionable intelligence in real time that solves business problems.

Auptimate: a platform which makes it easy to set up and operate SPVs (Special Purpose Vehicles).

Interactive Cares: a virtual Edtech company that creates employability for millions of unemployed youths in emerging markets.

Mintpay: a shopping aggregator that simplifies shopping decisions and offers flexible payment options, cashback rewards and voucher discounts.

Noapp: an AI Driven platform that aims to empower businesses to market and launch their products built with the official WhatsApp API.

ORKO: software provider for electric vehicle manufacturers & fleet operators, and charging station/battery swapping stations operators.

PEEL Lab: a B2B GreenTech manufacturer of plant-based leather made out of leftover pineapple leaves.

UXArmy: enables organisations to understand customer needs and create delightful experiences backed by automated user research and AI.

Co-Founder and General Partner Craig Dixon also pointed to Accelerating Asia Ventures’ flagship accelerator program as a catalyst for Cohort 9’s continued growth. Spread across 100 days, the accelerator program includes master’s classes, mentoring with Accelerating Asia Ventures’ entrepreneur-in-residence, pitch nights, and other events that were capped off with an in-person retreat in Bali, Indonesia for one week of intensive learning from mentors, facilitators, and program administrators. 

“Our accelerator program is not a token exercise: It provides significant value-add to both our entrepreneurs because it provides business lessons and strategies tailored to the unique landscape of Asia Pacific. Paired with their deep domain expertise, this localisation puts them in the best position for global success,” said Dixon.  

Accelerating Asia’s investors also benefit from the accelerator program because it de-risks their investment. These limited partners have invested into Accelerating Asia’s early-stage investment vehicles which have actively deployed capital in 77 Southeast and South Asia pre-Series A startups since its launch in 2018. During the accelerator program, limited partners are actively involved, serving as facilitators, mentors, judges, investors, and industry contacts. 

Thanks to Accelerating Asia Ventures’ broader network, especially its limited partners, Cohort 9 joins a portfolio that has reached a tipping point. The startups in the portfolio boast an average monthly revenue of $ 458,000, which grew by 61% on an annual basis; have raised $ 19.1 million over the last year alone (during a fundraising crunch no less); and have an average valuation of $ 9.1 million. 

Investors are welcome to invest alongside Accelerating Asia Ventures and can register their interest here. Investors interested in meeting the graduating eight startups can do so at the in-person Demo Day in Singapore on 31 January 2024 or online on 7 February 2024. Investors interested in attending should RSVP. 

Accelerating Asia Ventures will also begin recruiting for their next cohort of startups soon. Startups interested in joining the accelerator program and becoming part of Cohort 10, can apply.

Accelerating Asia Ventures is a VC that invests into an in-house Flagship Accelerator Program programs for early-stage startups and investors. Licensed by the Monetary Authority of Singapore, Accelerating Asia’s early-stage VC fund focuses on post-revenue, pre-Series A startups with untapped potential that are 6-18 months away from institutional funding. Accelerating Asia Ventures invests up to $ 250,000 in pre-Series A startups, and the current portfolio covers over 10 countries in Southeast and South Asia. 

While most angel investors and startup programmes in the region focus on ideation-minimum viable product stage startups and venture funds focus on solid product-market fit, startups with a robust product at early stages of customer traction are often overlooked. That is where Accelerating Asia comes in. Our accelerator and venture capital model is designed to support pre-Series A startups to fast track growth and drive success, unlocking the potential in them. 

At the core of the work we do is the guiding belief that entrepreneurs are one of humanity’s greatest catalysts for positive change.