Asia Digest: Cradle leads $300k funding in MyCash; IdeaSpace awards top 12 teams

The IdeaSpace 2017 startup acceleration competition winners. Visual from IdeaSpace's Facebook page.

In two separate developments in the startup space in Southeast Asia, fintech company MyCash raised over $300K in its crowdfunding campaign, while 12 teams won in the IdeaSpace 2017 startup acceleration programme in the Philippines.

Cradle leads $300K crowdfunding campaign in MyCash

Malaysia-based fintech startup MyCash Online raised up to $303,990 (RM1.3 million) through the national crowdfunding platform pitchIN, led by the government startup influencer Cradle Fund Sdn Bhd (Cradle).

Cradle led the 24-hour equity crowdfunding (ECF) campaign round recently through their co-investment exercise along with a Hong Kong based co-investor.

MyCash is also the first fintech company to raise investments on pitchIN. Cradle and co-investor JC Management took up RM1.2M, while other investors snapped up the remaining RM100,000.

Launched in April 2016, MyCash operates a platform that offers online purchasing services to foreign workers, where they can reload phone credit, pay bills, buy bus tickets, among others.

Seeking to become a “virtual bank for the unbanked”, MyCash is bent on getting regulatory approval to build and operate innovative remittances and banking services for the same target market.

MyCash CEO Mehedi Hasan Sumon said, the successful crowdfunding campaign validates the potential of the unbanked market.

“To date, we have served 65,000 unbanked customers and carried out more than 280,000 transactions worth RM4.3 million,” Sumon said.

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IdeaSpace awards 12 startups in 2017 startup competition

The Philippines’ pioneer early-stage tech startup accelerator IdeaSpace Foundation on Wednesday gave away awards to 12 winning teams in its fifth startup competition.

Led by IdeaSpace president Butch Meily, the event saw 23 finalists selected from among 377 teams who applied for this year’s acceleration programme.

All teams pitched their ideas focused on innovative technology.

The top 12 winners were Fetch, StyleGenie PH, AppSell, BloodHero, Qwento Analytics, Parking Plus, ARRAS, Wela School Systems, FitAccess, KOI, Snipe,and Heartsmart.

The winners received prizes worth P1 million of funding, which include mentoring, network and incorporation support, market runway, co-working space, and AIM (Asian Institute of Management) Entrepreneurship Development Program.

As a non-profit foundation, IdeaSpace is backed by First Pacific, Metro Pacific Investments Corp (MPIC), Metro Pacific Tollways Corp (MPTC), MPIC hospital group, PLDT, Meralco, Smart Communications, Maynilad, Voyager Innovations, and PayMaya Philippines.

IdeaSpace is also in partnership with the Department of Trade and Industry, Department of Science and Technology, and the JP Morgan Chase Foundation.

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