Malaysian accelerator 1337 Ventures invests in 3 PH startups

VC backed firms in US, Europe now worth $500b
VC word cloud. Credit:Barrie Entrepreneur Connect

Just over a month after setting foot on Philippine soil, Malaysia-based accelerator 1337 Ventures has invested in three local startups via its pre-accelerator programme Alpha Startups.

The three startups are Pas Pas, Fresk2Ket, and iMpok, all based in Cebu City. They were chosen from the 11 startups who pitched in the fifth and final demo day in Cebu participated in by almost 100 applicants.

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The top three startups will get a “small cash injection” and $5,000 in Amazon Web Services credit from 1337 Ventures. The teams will also receive continuous mentoring from the Malaysian venture capital firm.

Fresk2Ket came up with a marketplace connecting farmers to restaurants and other businesses while Pas Pas made a last-mile delivery service using text message, and iMpok introduced a cash deposit and micro-financing platform for schools.

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The Alpha Startups programme has so far covered Malaysia, Singapore, and the Philippines and 1337 Ventures plans to launch it in Indonesia by January 2016, and then Thailand and Vietnam next. Yet the venture firm reportedly does fintech initiatives in Thailand and Indonesia at present.

The Alpha Startups expansion to the Philippines is in partnership with the Philippines’ ICT Office of the Department of Science and Technology (DOST-ICTO) and Cebu-based non-profit tech organisation

Also read: PH-based startup Tactiles launches crowdfunding campaign via Indiegogo

New venture fund to focus on Filipino-owned startups

Malaysia’s 1337 Ventures goes to Philippines with Alpha Startups