Three venture capital firms – Openspace Ventures, 500 Startups and Cocoon Capital – have launched a regional initiative that aims to uplift the Southeast Asian startup ecosystem by helping them boost their revenues. It does this by collating all promotional activities offered by startups across the region on a website.
Amazon Web Services (AWS) is offering US$5,000 in promotional credits to each eligible startup that registers in the program. The credits will be provided under the AWS Activate program, which provides startups with low cost, easy-to-use infrastructure needed to scale and grow their
business. Government partners such as Enterprise Singapore (ESG) have also shown their support for the ground-up initiative.
The initiative has received over 250 submissions from startups in Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines within the first 24 hours of the soft launch.
There are 50 businesses currently listed on the website, including B2C and B2B outfits across multiple sectors such as retail, F&B, health & wellness, e-commerce, enterprise SAAS, cybersecurity and SME financing.
Hian Goh, partner at Openspace Ventures, said “Openspace’s efforts in responding to this crisis extend beyond our immediate portfolio to the larger ecosystem of startups. We know that all startups are at risk, and we need to try to protect them all. This is our community, and #SupportStartups is our way of saying that we’re 100% in this together”.
Vishal Harnal, Partner at 500 Startups, said “Our Southeast Asian startup ecosystem is an engine of innovation, jobs and economic growth. It has empowered us with products, services and technologies that delight us, fulfill us and allow us to live our lives with everyday conveniences. The #SupportStartups initiative is our way of standing up for our inventive companies in their time of need and encouraging entrepreneurs to push ahead and not give up.”
Will Klippgen, Managing Partner at Cocoon Capital, said “Cocoon Capital supports founders who dare to change across Southeast Asia. Startups create better and cheaper solutions and in times of crisis, we need to #SupportStartups more than ever. Our #SupportStartups initiative is the VC community’s way of boosting the ecosystem and shining the spotlight on forward-thinking, innovative startups so that you can save and show your support at the same time!”
Interested startups with businesses in Southeast Asia are encouraged to submit their promotions via http://supportstartups.com.
