Insignia Ventures invests in six Topica Founder Institute startups

Six startups incubated by Topica Founder Institute have received $50,000 each in seed funding from Insignia Ventures Partners, with three companies being in advanced talks for further financing.

These include names such as on-demand telemarketing firm TelePro, referral recruitment platform Recruitery, travel ticket startup Cheep Cheep, drone delivery solutions provider Drone Pro, outdoor advertising firm Gigantec Media and enterprise software developer Clavis Aurea.

These comprise the list of graduating startups from Topica Founder Institute’s seventh batch.

The financings for the startups come from a blanket deal Insignia Venture Partners and Topica Founder Institute forged earlier this year to provide seed capital to the latter’s graduates.

A slew of startups that have graduated from Topica Founders Institute’s previous courses have gone to raise follow-on funding rounds. These include names such as Appota, Beeketing, Logivan and Kyna.

According to the accelerator, startups from its seven batches so far raised more than $40 million in funding at a combined valuation of over $300 million.

Topica Founder Institute aims to establish a network that it calls ‘TFI mafia’, something people have seen in the Silicon Valley wherein founders and senior executives of tech giants established new companies.

There are similar examples in Asia too. For instance, founders of Recruitery and fitness app WeFit left Topica and Ticketbox (acquired by Tiki) to set up their own ventures.

“A lot of our founders have done very well and have helped other founders. This spirit of giving back and helping new entrepreneurs grow their startups is quite similar to the Silicon Valley mafias and will continue living,” Bobby Liu, director of Topica Founder Institute, told DealStreetAsia.

He said that Vietnam currently has more than 1,000 early-stage startups, a number of which even started as early as from universities.

“The number of investable early-stage startups is around 150-200, so it is quite healthy,” he said.

Topica Founders Institute is the accelerator programme sponsored by Topica Edtech Group, which late last year raised a $50 million in Series D funding from Singapore-based private equity firm Northstar Group.