International early-stage VC fund Accelerating Asia has announced an undisclosed investment in ten new companies joining the Cohort 8 of its flagship programme.
This capital injection was made from its US$20 million Fund II, launched in 2021. Cohort 8 is the fourth batch of investments for Fund II, which will deploy capital across Southeast and South Asia pre-Series A startups.
The startups that raised funding are Pattern (Pakistan, SDG 8), Lemonade (Global, SDG 10 and SDG 13), Lister (Indonesia, SDG 4), Edutechs (Bangladesh, SDG 4), Fullfily (India, SDG 8, 11, and 13), On Demand Deals (the Philippines, SDG 1, 8, 9, 10, and 11), Sova Health (India, SDG 3), Proton (United Arab Emirates), Sparklehaze (Singapore, SDG 9), WEGRO (Bangladesh, SDG 1, 2, and 8). They hail from various industries, including education, e-commerce, logistics, insurtech, and agritech.
To date, the cohort 8 startups have collectively raised US$58 million, with a GMV of US$57,000 per month and average monthly revenue of US$27,000.
“The new cohort comes into the portfolio with strong early revenue and fundraising traction in their local markets. We look forward to helping them leverage this early success to scale into larger geographies and fundraise from a larger suite of investors worldwide,” said Craig Bristol Dixon, Co-Founder and General Partner at Accelerating Asia.
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Licensed by the Monetary Authority of Singapore, Accelerating Asia is an accelerator-cum-VC fund investing in pre-Series A startups. It invests up to US$250,000 per deal, and the current portfolio covers over ten countries in Southeast and South Asia.
Across eight cohorts, there are now 70 startups in more than 20 verticals, which are led by over 100 founders. These startups have an average of over US$285,000 in monthly revenue and an annualised revenue growth of 520 per cent.
In total, they have raised over US$63.8 million in venture capital, bringing the total portfolio valuation to US$600 million.
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Image credit: Accelerating Asia
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