Accelerating Asia Invests in PK's Startups Among Cohort 8 Startups

As part of its historic 8th cohort, Accelerating Asia, a global VC accelerator specialising in pre-Series A startups, has invested in 10 new businesses.

Accelerating Asia Invests in PK's Startups Among Cohort 8 Startups

In the 8th cohort of its renowned accelerator programme, Accelerating Asia invests in 10 startups, including Pakistani startup Pattern Technologies. As part of its historic cohort 8, Accelerating Asia, a global VC accelerator specialising in pre-Series A startups, has invested in 10 new businesses.

Accelerating Asia has invested in 100+ founders from 70 startups since 2019, and 100% of its portfolio companies have successfully raised outside capital. Its US$20 million Fund II invests in pre-Series A investments in Southeast and South Asia.

Seven markets in Southeast Asia (Singapore, Indonesia, and the Philippines), South Asia (India, Bangladesh, and Pakistan), and the Middle East and North Africa region are served by Cohort 8 startups (United Arab Emirates). The startups come from a wide range of sectors, including agritech, education, e-commerce, logistics, and many more.

The only Pakistani startup in cohort 8 is called Pattern. It is the country’s first social food app and targets the dine-in and pick-up experience, which is a more lucrative market than delivery. In Pakistan, Pattern is Accelerating Asia’s third investment, following Godaam Technologies and BizB.

These 10 startups, which make up the diverse cohort 8, share a common trait: they have all gained sizable market traction. They have raised $5,800,000 in total to this point. Due to the strength of their growth revenue, Cohort 8 startups—which boast a Gross Merchandise Value (GMV) of over US$57,000 per month and an average monthly revenue of over US$27,00—have been able to raise money successfully despite the general downturn in funding.

This market traction, in the opinion of co-founder and general partner Craig Dixon, set the selected ten startups apart from the larger group of applicants.

The new cohort enters the portfolio with significant early fundraising and revenue traction in their home markets. Accelerating Asia is excited to work with them to build on their early successes as they expand into new regions and raise money from a wider range of international investors, according to Dixon.

Cohort 8 startups are also having a positive social impact in their communities, in line with Accelerating Asia’s mission to use entrepreneurship to catalyse change. Accelerating Asia invests in startups with impact embedded into their core business model, creating over 1000 jobs and 50% of them are gender lens investments.

There are currently 70 startups across eight cohorts, operating in more than 20 verticals, and being led by more than 100 founders. The average monthly revenue for these startups is over US$285,000, and their annualised revenue growth is 520%.

The portfolio startups’ impressive market traction has drawn top investors from across the globe, not just from Asia Pacific. They have successfully raised a total of US$63.8 million in venture capital, valuing their entire portfolio at US$600 million. One hundred percent of the portfolio has raised outside capital, so this statistic is also unaffected by a small number of outliers.

The titans of venture capital make up this group of investors. Startups in the Accelerating Asia portfolio have the support of prominent angel investors, networks, and companies like Sequoia Capital, Cocoon Capital, MDI Ventures, Wavemaker Partners, and Indonesia Women Empowerment Fund.

Some of these investors additionally decide to collaborate with Accelerating Asia as a limited partner directly. Amra Naidoo, co-founder and general partner, says there are three main reasons why these investors decide to work with the company.

Accelerating Asia’s size and scope allows investors to diversify their portfolios, access the highest quality startups, and tap the portfolio as a dealflow source for their own fund. Fund II launched in 2021, and Cohort 8 is the fourth batch of investments. Investors can contact the Accelerating Asia team for more information about investing.

On August 3, Cohort 8 will host a Demo Day that is by invitation only. More information on how to apply to attend can be found here. Apply here if you’re interested in being a part of our upcoming cohort.

Pattern (SDG 8), the first social food app in Pakistan, emphasises dine-in & pick-up, which is more popular than delivery. At their preferred restaurants, patrons can discover, browse, order from, pay for, review, and unlock a variety of offers, including cashback, loyalty discounts, and redeemed reward points.

Lemonade (Global, SDG 10 and SDG 13) is a marketplace brand that connects Asia’s best consumers with the world’s best manufacturers to sell luxury goods at fair prices.

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Fullfily is an electric vehicle based full-stack solution for intra-city deliveries, On Demand Deals empowers entrepreneurs to earn extra income from empty spaces, and Sova Health is India’s first full stack Gut Health company offering proprietary synbiotic supplements, gut microbiome testing, and 1:1 nutrition coaching.

Proton is the MENA region’s first insurance platform, Sparklehaze provides enterprise-grade In-Room voice AI assistant, and WEGRO provides end-to-end solutions for farmers connecting them with finance and buyers to sell their produce.