Singapore based Joyful Frog Digital Incubator, JFDI has secured USD 2.1 million in funding led by Infocomm Investments. Other investors who participated in this round include Russia’s SpinUp Partners, Fenox Venture Partners in Silicon Valley, as well as private investors like Vijay Saraff, Paul Burmester and Thomas Gorissen, among other undisclosed individuals from Philippines.
With this, the accelerator has come almost halfway of its goal of raising USD 4.7 million by the end of this year.
The money will be invested into startups who will join its three boot camps this year. It is planning to invest around USD 20 thousand in cash per team against an equity size between 5 to 20 percent.
“With huge support from the local community, JFDI was first to bring a new approach to nurturing start-up companies to Asia. Now that we have proved that it works, it’s time to scale up and that’s exactly what this funding allows,” said Wong Meng Weng, Chairman, JFDI.Asia.
Since 2012, more than 60 percent of its 27 teams have successfully raised an average of around USD 513 thousand per team after the completion of their program, the accelerator said in a statement.
JFDI, earlier in January revealed that it will be running three installments of its 100-day programs with its first batch – commencing in March – featuring 14 startup companies. It primarily targets startups that are focusing on areas such as healthcare, education and financial services.
The accelerator chooses best startup companies irrespective of national boundaries from across Asia – with a number of Indian companies including OurHealthMate, Scrollback, enMarkit having already made their place in the accelerator last year.
The author can be reached at email@example.com