JFDI.Asia’s portfolio valuation breaches US$29mil mark in 2yrs
By Digital News Asia July 16, 2014
- 60% of its accelerator participants have secured seed funding
- Success shows that innovation and entrepreneurship can be taught
JOYFUL Frog Digital Incubator (JFDI.Asia) said that the first two years of its accelerator operations have yielded 21 active startups raising an aggregate S$9 million (US$7.2 million) in seed funding, and now valued at S$36.1 million (US$29.1 million).
JFDI.Asia piloted its startup accelerator programme in 2012, repeating two more programmes in 2013, it said in a statement. Approximately 4% of teams applying to each programme were selected.
A follow-up study comparing a random sample of 70 teams rejected with teams participating in the accelerator revealed that only 5% of those rejected went on to secure seed funding compared with approximately 60% of those going through the accelerator, JFDI.Asia claimed.
“We benchmark our performance against our peers internationally,” said its cofounder and chief executive officer Hugh Mason (pic).
“The data proves that the accelerator model pioneered in the United States, which JFDI.Asia brought to South-East Asia, seems to work just as effectively here in Singapore.
“Innovation and entrepreneurship can be taught and the risks of early-stage business can be reduced systematically, creating jobs and opportunities across the region,” he argued.
In exchange for a minority equity stake, every team joining JFDI.Asia’s Accelerate programme is offered a package including cash investment, in-kind services such as mentoring and working space for the duration of the programme valued at S$150,000 (US$117,000), plus technical and other vendor perks worth S$300,000 (US$234,000).
In the second quarter of 2012, 11 startup teams graduated from JFDI.Asia’s first accelerator programme. JFDI.Asia said it invested into these startups a total of S$165,000 (US$133,000) in cash and S$1.65 million (US$1.33 million) in kind.
To date, six startups in the cohort raised funding, four closed and one is “growing organically,” JFDI.Asia said in its statement.
Investment raised by the cohort to date totals S$4.93 million (US$3.97 million) on an aggregated valuation of S$17.2 million (US$13.9 million), JFDI.Asia said. These startups have created over 80 high value jobs in the tech ecosystem, it added.
In the second quarter of 2013, seven startup teams graduated from its second accelerator programme. JFDI.Asia invested into these startups a total of S$175,000 (US$140,000) in cash and S$1.05 million (US$845,000) in kind.
To date, four startups in the cohort raised funding and three are growing organically. Investment raised by the cohort to date totals S$2.13 million (US$1.72 million) on an aggregated valuation of S$9.03 million (US$7.28 million).
In the fourth quarter of 2013, eight startup teams graduated from JFDI.Asia’s third accelerator programme. JFDI invested S$225,000 (US$181,000) in cash and S$1.35 million (US$1.09 million) in kind.
To date, two startups in the cohort are closing investments with formal announcements expected shortly, two are in active negotiations with investors and four are growing organically. Investment committed to date totals S$1.95 million (US$1.57 million) on an aggregated valuation of S$9.9 million (US$7.98 million).
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