Singapore-based incubator Joyful Frog Digital Incubator (JFDI) announced today that successful applicants for the second batch of its 100 day accelerator programme in 2015 will receive double the funding amount, compared to its earlier cycles.
Teams will now get US $37K cash, in exchange for a fixed 8.8 per cent of equity, a level up from the funding amount of US$18.8K from previous batches.
Aside from a cash investment, each team will be offered one-on-one mentorship, technical and other vendor perks worth a total of US$1 million. Graduates of the program will also get to pitch to 100 active, early-stage investors at a Demo Day event.
According to JFDI, more than 60 per cent of graduates have raised an averaged of US$450,000 in seed funding.
Some of these startups include real-time data marketplace DatastreamX, which raised US$370,000 in seed funding, as well as inventory-management software Tradegecko, which recently held a US$6.5 million Series A round.
This time around, teams based out of Singapore will also take part in an online component, where JFDI will use platforms such as Slack to conduct its accelerator programme.
“Costs are much lower elsewhere in the region and the market for our startups is also often back home,” said JFDI Co-founder and Chairman Meng Wong.
Should this change prove successful, the company is exploring the option to shift the programme to an entirely online format or a hybrid offline/online model.
Currently, the first batch of the 2015 accelerator programme are all Business-to-Consumer (B2C) companies, focussing on apps catering to the urban, middle class of Asia.
Interested startups can apply for the second batch of JFDI’s programme starting in August here.