Malaysia-based business social network and resource database platform BEAMSTART is set to launch a $10 million Digital Accelerator fund to invest in early-stage technology startups across Southeast Asia, according to a press statement.
The fund will be launched in several weeks and the capital will start being deployed as early as Q2 of 2021. It will be spearheaded by BEAMSTART’s founders, Kenneth Ho and Wallace Ho (not related), and a financial services partner from Singapore. Meanwhile, its limited partners include high-net-worth individuals and family offices from China, Japan, and Indonesia.
BEAMSTART, which is sector-agnostic, will focus on investing in startups engaged in cross-border digital-related solutions in emerging markets – those that have potential synergies to partner with China/Japan/US corporates.
Through the new fund, the company will invest up to $100,000 per company at a pre-seed, accelerator, or late-seed level.
Going forward, BEAMSTART aims to be the first-ever digital accelerator in SEA, thereby supporting startups through its vast network of digital news/media platforms, business resources, technologies, and investment or talent partners.
Founded in 2016, BEAMSTART has grown from a small monthly event platform to a global community with over 200,000 members in over 30 countries across the world with operations in Singapore, Malaysia, the Philippines, and China.
“With some capital, lots of backing, and leveraging on the power of technology, we believe many of these startups could rise to phenomenal heights,” said Kenneth Ho, co-founder & director at BEAMSTART.
The company has been playing an active role in supporting hundreds of startups across SEA, thereby helping them with fundraising, market access, digitalisation, and more. The firm has also grown its investor community to over 10,000 angel investors, VC and PE firms, as well as corporate partners in the region.