Startup generator Antler is being launched today in Singapore with the close of a US$3 million seed funding round.
Used to fund its operations, the funding round includes the participation of investors such as John Riady (Director of the Lippo Group in Indonesia), Ole Ruch (Managing Director at WeWork and former Managing Director of Northern Europe Airbnb), Birger Nergaard (founder of Verdane Capital, which is known to be the first venture capital fund in Scandinavia), and Andreas Ehn (first CTO at Spotify).
Co-founded by Magnus Grimeland, who was the Managing Director and Co-Founder of Zalora Southeast Asia and Associate Principal/Junior Partner at McKinsey, Antler also have alumni of Google, Spotify, and Stanford as founders and advisors.
The company described its launch as “the first stage” in the business building ecosystem of incubators and accelerators. It provides funding a group of aspiring entrepreneurs, helps them find co-founder(s), and connect them to a network of mentor.
It aims to generate 20 to 30 companies annually in Asia with a plan to launch the same programme in other regions.
“Antler’s founding team have all been involved in startups and have succeeded many times over, so we know what it takes to start and grow a business capable of positively impacting local and global economies,” Grimeland said.
Its company generator methodology comprises of three stages that stretch over five months: Talent sourcing, conceptualisation and team formation, and company building.
Co-founders participating in the programme will receive stipend, office space, and daily access to legal, IT and other administrative resources.
At the end of the programme, co-founding teams pitch their business to a group of investors to secure a seed funding round. Following graduation from Antler, the team will continue to receive supports that include introduction to the US market and investors through annual visits.
It named Harvard professor Karim R. Lakhani and former Global Chairman of McKinsey Tore Myrholt as some of the mentors in its network. Myrholt also holds the position of chairman in the company.
In a press statement, John Riady explained that Antler will fill “the missing link in the new business continuum.”
“Passionate aspiring entrepreneurs have just the start of a highly disruptive idea or tremendous skill but need a co-founder with a great idea. Antler will nurture and guide those people, help them build great companies,” he said.