A PHILIPPINE-BASED fitness startup was included among startups that were included in the program of international early-stage venture capital (VC) fund platform Accelerating Asia.
In a statement on Tuesday, Accelerating Asia said startup Fitscovery was the only successful startup from the Philippines out of 600 applicants for the Cohort 6 startups program.
“A marketplace where fitness businesses and consumers can easily discover each other and connect, Fitscovery enables trainers and vendors to efficiently build a customized fitness website and helps consumers easily find trainers and gyms with the help of filters and reviews,” Accelerating Asia said.
“In just 30 minutes, Fitscovery’s platform creates a customized fitness website for trainers and vendors, fully equipped with events, video programs, membership subscriptions, and more — anything trainers need to monetize,” it added.
With the new investments, Accelerating Asia said its portfolio has reached 52 startups that have raised $42 million under the program.
The VC fund firm added that the new investments in Cohort 6 also have market traction and growth revenue with an average gross merchandise value of $100,000 per month and an average monthly recurring revenue of over $25,000.
The Cohort 6 startups have a market presence in over 10 countries in Southeast Asia, South Asia, North America and Europe and cover eight verticals including property technology, marketplace, financial technology, logistics, services, e-commerce and health technology. 80% of the startups are also addressing sustainable development goals.
Aside from Fitscovery, the other companies that joined the Cohort 6 program include Godaam Tech in Pakistan; Markopolo.AI in Bangladesh; MedEasy in Bangladesh; NuCredits in US, UK, Europe, China, and Hong Kong; relay.club in China and Southeast Asia; Stylemyle in US; Tokban in Indonesia; and 60 Plus India in India.
“With the nine new portfolio startups selected from 600 applicants and four follow-on investments, Accelerating Asia is excited to continue to invest in highly scalable pre-Series A startups that also have a positive impact in respective operating markets,” Accelerating Asia General Partner Amra Naidoo said.
“Our VC accelerator model ensures high potential founders have greater access to needed capital financing, mentoring and skill sets to enhance their growth trajectory and quickly become leaders in their respective verticals while also lowering the overall risk for our investors at an early stage,” she added.
Meanwhile, Accelerating Asia also made follow-on investments into existing startups, namely: Shuttle, Transtrack.ID, Numu and Giftpack.
“We’re excited to continue to invest in our portfolio companies as they grow alongside leading institutional investors. There is significant market and investor demand for the portfolio especially in digitization of transport and logistics networks with the industry at an inflection point in emerging economies like Bangladesh and Indonesia,” Accelerating Asia General Partner Craig Bristol Dixon said. — Revin Mikhael D. Ochave