Fundacity expands to Asia to aid local early-stage startups get funding
Want help to secure funding? Look no further. Fundacity has entered the regionBy Theon Leong 03 Apr, 2014
Fundacity is on a mission to make it easier for early-stage startups in Asia to find and apply to pre-seed investors through acceleration programmes. It is completely free for startups to use its service. Not surprisingly, it has been seeing a sharp rise in users from Singapore, Malaysia and Australia.
As its user growth is correlated directly with the number of open applications to accelerators on the platform, Fundacity has recently started focusing on the ASEAN market which contributes a substantial percentage of its user base. Over the past year, it has been working closely with accelerators and venture capitalists, and has met many key members of the ASEAN ecosystem. In fact, Fundacity’s Co-founder and CEO Miklos Grof spent a considerable amount of time in Singapore in November to familiarise himself with local needs.
This platform for helping startups get funding has existed since October 2013 and has had more than 1000 startups applying to different accelerators in Brazil, Mexico and Singapore to date. So far, around 40 startups have been chosen for funding, but there are more selections in the pipeline. This would translate to an acceptance rate of about four per cent of total applications.
Grof said, “We are extremely excited about the startup ecosystem in Southeast Asia. There is so much energy there; we want to be part of it. (We are) even seriously considering relocating to Singapore!” It is clear that ASEAN is a key market for the company.
Also Read: Asia is an awesome launchpad for startups! Much better than US, Europe it seems
At the moment, startups in Singapore can apply to Ideasinc programme, but that is not all. Fundacity is in talks with several incubators and accelerators in the region and hopes to be able to bring new opportunities to startups in the next few months.
It has created profiles of all top early-stage investors from the region and made it easy for startups to present their professional profile by sending it straight to investors’ deal flow.
Additionally, Fundacity is expanding offering and has some very large developments in the pipeline. One of them is a tool, currently in beta testing, that will help startups report key metrics to their investors. This will also surely attract more mature startups with venture capital money that seek to go for another round of funding.
You can find all SEA investors here. However, there are 29 in total from Singapore, Malaysia and India that do not have an application round open at the moment.