IFCA MSC launches US$2.4mil prop-tech accelerator
By Digital News Asia December 18, 2017
- Partners with Google Cloud to pick 10 startups with disruptive ideas
- Aims to foster innovation and reinvent entire property industry
RECOGNISING the potential of prop-tech in transforming the real estate industry, property industry integrated solution provider, IFCA MSC Bhd has launched its flagship US$2.45 million (RM10 million) IFCA Accelerator programme in collaboration with Google Cloud.
The programme aims to nurture and develop Malaysia-based prop-tech companies by providing fundraising, business networking and mentorship.
In its first stage, 10 companies within the prop-tech space will be identified and nurtured to achieve global scale. The shortlisted companies will be able to work with IFCA MSC’s experts to fine-tune their solutions and develop new prop-tech solutions that will disrupt the real estate industry. They will also be invited to participate in the Google Cloud Platform Startup programme and have the opportunity to pitch to venture capitalists and investors during a Demo Day.
Commenting on the launch of accelerator, IFCA MSC CEO, Michael Cho, explains, “prop-tech will redefine the real estate industry and we are ready to lead the way. That’s why we are actively embracing opportunities to work with startups in developing new solutions and business ideas to reinvent the entire property industry; from construction, to property development and property management.”
Recognising the importance to grow and scale in tandem with the market and clients’ ever-changing needs, IFCA is looking to take a stake in the companies. “IFCA aims to foster innovation and growth of prop-tech in Malaysia, and to identify new ideas that we can integrate. With a strong cash reserve standing atUS$17.1 million (RM69.6 million) as at June 2017, we are ready to invest in strategic prop-tech technologies that could integrate and scale with IFCA’s business and solutions. All these will translate into creating new solutions for our clients and the industry in the long run,” Cho says.
“We support IFCA on this initiative making our Google Cloud services available to them and the startups. The benefits of running on Google Cloud makes us particularly interesting for startups and prop-tech companies. We are investing in the Malaysian market through these types of initiatives, and we want to be a long-term partner and this is an example of our commitment, not just for Cloud but for Google," said Google Cloud head of Southeast Asia, Tim Synan.
In addition to funding opportunities, companies would also enjoy the opportunity to utilise coworking spaces at IFCA offices in Petaling Jaya, Penang, Johor Bahru and Kuching. Companies joining the accelerator will also gain access to IFCA’s network in the property industry, and coaching from digital leaders from Google Cloud.
“For prop-tech to thrive in Malaysia, we need to create a competitive ecosystem. The IFCA Accelerator Programme not only allows exceptional prop-tech companies to receive the right resources to grow further, but, it facilitates collaborative partnerships that forms the foundation for innovation and a thriving prop-tech ecosystem,” says Cho.
Interested startups can submit their decks before 31 Jan 2018 for the first round here. Shortlisted entries will have the opportunity to pitch their business case in a 30-minute presentation which will be evaluated by core team members of the programme comprising IFCA chairman and founder, Ken Yong; and the CEO, Cho.
For more information regarding the programme, please email [email protected] or call 03-7805 3838.