Golden Gate Ventures partners JFDI.Asia to fund and support startups
Golden Gate Ventures and JFDI.Asia forms new strategic alliance to offer digital startups seamless transition from idea to funding.By Joash Wee 03 Dec, 2012
Golden Gate Ventures and JFDI.Asia today announced a new strategic alliance that aims to offer early-stage digital startups a seamless transition from idea to substantial pre-Series A funding. The alliance will also see Golden Gate Ventures co-founders Vinnie Lauria, Jeff Paine and Paul Bragiel join JFDI.Asia’s “bootcamp” accelerator program as mentors.
Startups nominated by Golden Gate Ventures, which show enough traction through the bootcamp, will be fast-tracked to follow-on funding of up to S$600,000. JFDI.Asia ran their first bootcamp earlier this year together with SingTel Innov8 which graduated 11 startups, with more than 60 percent of the startups succeed in securing S$500,000 to S$700,000 funding at the end of the program.
Golden Gate Ventures will continue to fund startups, independent of the bootcamp. The alliance will also see Golden Gate Ventures and JFDI.Asia sharing their respective pipeline of pre-launch companies as they work together to find businesses that could benefit from a boot before their first major cash injection.
In the press release Vinnie Lauria, co-founder and mentor at Golden Gate Ventures said, “The next billion people are coming online in our region. It’s a huge opportunity and an equally huge pool of talent in the region is set to make the most of it. Golden Gate Ventures’ links to later stage investors and Silicon Valley can add most value once start-ups launch products and prove market traction. JFDI.Asia really proved itself earlier this year and working even closer together is the best way our two firms can help the ecosystem.”
JFDI.Asia’s next accelerator program is scheduled to start on 14 February, 2013. Formal opening for applications will be announced shortly.