For initial onboarding, FundedHere has initiated informal discussions with industry partners such as Exploit Technologies, NUS Enterprise and Action Community for Entrepreneurship ("ACE"). "We will screen all submissions and reject projects that are not worthy of investment or ask the project creators to resubmit," said Lim.
Even though he said the platform is open to all kinds of startups, he is more keen to look at projects in the healthcare, education, technology and Green IT sectors.
Based in Singapore, FundedHere will act as 'a springboard for start-ups in Southeast Asia', Lim said. In the near future, the platform will open offices in startup hotspots such as Vietnam, Thailand, Indonesia and Myanmar. "We will encourage startups from these countries to open their headquarters in Singapore," Lim added.
Mentors and Lead Investors
The platform has already lined up a panel of experienced mentors and lead investors who can invest as well as nurture these start-ups. "Once a startup raises 80 percent of funding, one of our lead investors will fulfill the rest of the funding and join the board of the startup," Lim explained.
Mentors for investee companies of FundedHere include Elim Chew, Founder and President of the 77th Street, Lim Soon Hock, Founder and Managing director of Plan-B, and Prof. Wong Poh Kam Founder of NUS Enterprise. Lead investors for FundedHere comprise of business leaders including winner of Ernst & Young Entrepreneur of The Year 2014 Susan Chong, CEO at Greenpac, Joseph Foo, Founder and Executive Chairman of Jason Marine Group, and Patrick Liew, Serial Entrepreneur and Investor.
FundedHere is also inviting like-minded people to collaborate to build an eco-system for start-ups and investors in Southeast Asia, Lim said, hinting at developing potential partnerships.
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