If you are based in Singapore, you have to know about JFDI Asia. Founded back in 2012, JFDI runs an accelerator program where selected startups go through a 100 day bootcamp. After the bootcamp, there will be a demo day where the startups will be demo-ing their startup to a group of investors, in hopes to secure investment or potential partnership. There were a total of 11 startups for its first batch in 2012. Of the original 11 startups, TribeHired is the latest company to receive funding.
Let’s look at the original 11 startups and what is the portfolio status of JFDI right now:
- Shopspot is mobile phone app that makes buying and selling items as easy as sending a tweet.
- Shopspot received S$15,000 (US$12,000) investment from JFDI, followed by a S$50,000 (US$40,000) angel investment from a group of Thai angel investors back in 2012.
- Most recently, ShopSpot received S$779,000 (US$625,000) from Jungle Ventures and SingTel Innov8 and pivoted into a mobile shopping platform
- Stubb is a B2B document sharing service for the masses that connects your printer to the cloud.
- Stubb received S$15,000 (US$12,000) investment from JFDI.
- Following inconclusive discussions with investors, the business ceased trading.
- Remember is a family Time Capsule in your pocket that makes it simple to capture and relive memories on your smartphone.
- Remember received S$15,000 (US$12,000) investment from JFDI.
- Founders closed business due to insufficient market traction.
- CTO Chua Ruiwen has since joined Billpin, a bill sharing app founded by Darius Cheung whom exited his previous company, tenCube, to McAfee.
- Tradegecko a web-based supply chain portal for independent brands and their retailers.
- Tradegecko received S$15,000 (US$12,000) investment from JFDI.
- In December 2012, Tradegecko received a US$650,000 seed round funding led by WaveMaker Labs, participated by Golden Gate Ventures
- FamilyKo is a tele-parenting app for overseas Filipino workers to bond with their young children.
- FamilyKo received S$15,0000 (US$12,000) investment from JFDI.
- FamilyKo recently inked a trading and investment partnership with an undisclosed major corporation
- Trafflers is a B2C web service that makes it fun to discover and plan vacations with friends.
- Trafflers received S$15,000 (US$12,000) investment from JFDI.
- Following inconclusive discussions with investors, the business has refocused on activity in Europe.
Fetch Fans [Active]:
- Fetch Fans is a Facebook and Twitter page builder that helps large brands with local businesses control brand identity, monitoring and maximizing the impact of their social media marketing.
- Fetch Fans received S$15,000 (US$12,000) investment from JFDI
- Following that, Fetch Fans closed a S$720,000 (US$562,500) seed funding round led by investors Lawrence Seah and Yeo Choon Leong
Kark Mobile Education [Active]:
- Kark is a hybrid game platform using trading cards and Android tablets to make four to 12 year-old children masters of a simulated world.
- Kark received S$15,000 (US$12,000) investment from JFDI.
- Following that, Kark received S$50,000* (S$40,000) from Jakarta-based investment firm Ideosource. (*Amount was first reported as undisclosed)
- Flocations is a B2C web travel service that visualizes nearby destinations on an interactive map, so leisure travelers can browse by budget and book their next getaway in minutes, not hours.
- Flocations received S$15,000 (US$12,000) investment from JFDI.
- Following that, Flocations secured a S$700,000 (US$560,000) pre-series round of funding from TNF Ventures and angel investor Ben Ball in December 2012.
- Wildby is a fun talking encyclopedia on your iPhone that 4 to 8 year olds can enjoy without needing any literacy skills.
- Wildby received S$15,000 (US$12,000) investment from JFDI.
- Founders currently pursuing other ideas.
- TribeHired is social recruitment platform that puts friends to work.
- TribeHired received S$15,000 (US$12,000) investment from JFDI
- Following that, TribeHired received a S$696,000 (US$560,000) in funding from TNF Ventures, Ben Ball and Ben Chew in March 2013.
Source: JFDI Asia.
There are some interesting things to note too from this first batch of startups. Successful JFDI.Asia startups raised a median S$650,000 (US$521,000) per team. In total, seven out of 11 startups have now raised S$3.9 million (US$3.1 million) between them. On top of that, CEOs of JFDI.Asia funded teams project that they will create at least 33 new jobs in Singapore by end 2013, an average of eight per funded team. TNF Ventures along with angel investor Ben Ball invested in both Flocations as well as TribeHired. With the second accelerator batch already up and running, JFDI has certainly raised the bar for future accelerator programmes whom are thinking of setting up a base in Singapore or Southeast Asia.
Following its success, the pressure is now on its second batch of startups.