Southeast Asian startup connector Beam and Singapore-based venture capital firm Tri5 Ventures are working together on VentureStart, a company builder that aims to make it easier for entrepreneurs to start a new business.
VentureStart has a goal of growing and funding 20 new startups in Singapore in the next year. It plans to do that through initial seed funding of up to US$37,000 per company, and through support including mentorship, customer acquisition, and market access.
The seed funding is a combination of a US$22,000 grant from SPRING Singapore (known as the Startup SG Founder grant) and a US$15,000 equity investment by Tri5 Ventures.
Beam CEO Kenneth Ho says VentureStart’s difference from other startup programs is in the continuous support it offers – the program will be available to companies at any time and not open to specific cohorts. In addition, startups in the program can tap into a network of investors and over 60 mentors, gain access to nine new markets, and boost customer acquisition through Beam’s community.
The program will be looking for entrepreneurs and startups working in finance, energy, data, cyber security, and artificial intelligence, with an emphasis on “scientific-based hardware and software IP.” These are “areas that Singapore is strong in or developing capabilities on,” Ho tells Tech in Asia.
Converted from Singapore dollars. US$1 = S$1.36.
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