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1337 Ventures has launched a new US$287,000 (RM1.2 million) 1337 Accelerator Fund I.
The fund is co-funded by seasoned angel investor, Asgari Stephens and former JobStreet COO, Suresh Thiru with the focus to invest in seed-stage startups across various industries, ranging from fintech to healthtech.
1337 Ventures will act as the general partner of the fund and will be responsible particularly in screening the startups and managing the portfolio.
Throughout 2022, the Malaysia-based VC plans to secure and sign eight potential deals with a maximum funding of US$35,800 (RM150,000) for each deal.
Moreover, if necessary, 1337 Ventures will also assist the startups in raising additional capital for their seed round.
It is well known that most investors have a preference to invest in later-stage startups to minimise risks such as lack of traction and market validation.
This is where 1337 Ventures fills the seed capital gap.
For startups to have a higher chance of success in getting funded at a later-stage, a consistent flow of early-stage investments is needed.
During 2021, 1337 Ventures has invested more than US$310,000 (RM1.3 million) in early-stage startups.
For the year 2022, the VC plans to follow through with the early-stage investment strategy while also doubling down on teams participating in the Alpha Startups program.
“We are witnessing a rise of Malaysian startups trying to solve various problems - from making our daily lives easier to solving bigger challenges. With this fund, I am looking forward to supporting businesses that will benefit our society and perhaps, go global,” former COO of JobStreet.com, Suresh Thiru said.
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