Singapore’s collaborative investment platform, Fundnel, announced today it has entered into an agreement with the Business Angel Network of Southeast Asia (BANSEA) to establish an early-stage investment vehicle.
Called BANSEA ONE, over the course of one year the fund will be targeting curated early-stage startups through the Fundnel service. The new platform aims to facilitate an investment amount of around S$50,000 (about US$36,800) per financing.
All startups funded through BANSEA ONE will be given free access to Fundnel’s network, services and legal assistance.
“Angel investment plays an integral role in the development of a sustainable startup ecosystem as it not only provides funding at the critical stage, but also offers mentorship and advisory to guide startups to reach their growth phase. As a result, this is a great opportunity to tap onto BANSEA’s extensive network and collaborate with industry veterans to lead the funding of deals on our established platform,” said Kelvin Lee, Fundnel Co-founder, in an official statement.
BANSEA was founded in 2001 in order to promote the development of the angel investing community in Southeast Asia. It organises conferences, workshops, research and networking events worldwide.
Its network of angel investors are in China, India, Malaysia, Thailand, Australia, New Zealand and Indonesia. Furthermore, it has close connections to the US and Europe.
“The formation of BANSEA ONE gives BANSEA members the ability to pool their financial resources to invest in early stage startups while diversifying risks,” said BANSEA Vice Chairman Julien de Salaberry in a statement.
He went on to explain Fundnel’s dealflow was an attractive element to the angel network because it provides access to a wider variety of companies in the region.
“We believe that our new member investment vehicle enabled by this partnership will provide us with the opportunity to act as a greater catalyst within the ecosystem. We look forward to this fruitful collaboration with Fundnel to discover and fund successful deals,” he said.
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Fundnel is democratising the investment process by allowing curated startups to leverage the platform and raise funding through an alternative route away from the traditional VC or bank loan. The company “aims to involve the everyday person in investing in the SMEs and startups that form the backbone of society”.