Southeast Asia’s super app Grab and the Infocomm Media Development Authority (IMDA) on Tuesday announced a partnership to pilot an accelerator programme for Singapore-based startups looking to expand overseas.
Grab Ventures Ignite (GVI) will be a 14-week accelerator programme and held alongside the GVI Vietnam programme to enable startups from both countries to exchange ideas and learn from one another.
Grab already offers Grab Ventures Velocity (GVV), a startup scale-up programme, and has supported 15 startups regionally including TreeDots, Glife, Helpling.sg, and Tueetor.
“Grab is committed to help more Singapore startups and micro SMEs build strong digital capabilities, and capture opportunities in the digital economy through leveraging our expansive reach across the region, assets and capabilities and partnerships… The effort is also aligned to Singapore’s interest to become the global-Asian node for tech, innovation and enterprise,” said Chris Yeo, Head of Grab Ventures.
Meanwhile, Howie Lau, Chief Industry Development Officer, IMDA, said that the company is looking for ways to create new business opportunities for its local tech companies.
“We are excited for this partnership, which will allow Singapore-based startups to gain a foothold in Vietnam. Building up the capabilities and creating access for local companies is especially critical in this current climate, where firms must continue digitalising and innovating to unlock new growth prospects,” he said.
Under the programme, two startups will be selected for GVI, while three other startups will receive the opportunity to join a 3-day boot camp jointly hosted by Grab, IMDA PIXEL and Digital Industry Singapore (DISG) at PIXEL’s premises in One-North, Singapore.
The five programme participants will also be eligible to receive cloud credits of up to $100,000 each.
Partners of GVI include Vietnam’s National Innovation Center (under Ministry of Planning and Investment), regional venture capital firm Gobi Partners, coworking space provider Toong, YKVN, and Amazon Web Services.
Grab had launched the accelerator in Vietnam in February.