Singapore-based venture builder Golden Equator Consulting (GECo) is confident that Brunei companies under Darussalam Enterprise’s (DARe) fourth accelerate cycle will secure investment by the year’s end after they pitched to regional venture capitalists in Singapore yesterday.
The founders of online marketplace Rotuku, online legacy planner
“The feedback from the panel has very positive; now they must show traction – whether growth in users or revenue – and I am very confident these companies will get invested in this year,” said Flinter, whose company facilitated the fourth cycle of
Accelerate’s previous three cycles saw 46 startups collectively raise BND 919,000 in investment – the majority from angel investors in Brunei – and provide employment for more than 360 people.
In a typical startup financing cycle, initial investment often comes from individuals, sometimes called ‘angels’ which includes family members and friends. GECo is looking to take this a step further by successfully connecting accelerate’s participants with venture capitalists (VCs) – investment firms with deeper pockets – that are keen to provide seed funding for early-stage startups in exchange for equity.
Seed funding and investor expertise will help the startups meet their ambitions of establishing and then scaling beyond Brunei, as well as lead them towards future investment rounds with VCs looking to fund more mature startups who show
Managing partner of Singapore-based VC Rekanext Capital Partners Ambar Machfoedy said he would be engaging two of the Brunei startups for further discussion and potential investment.
“I believe they have chanced upon something that is unique that can be offered to markets outside Brunei, that are currently not being offered by any other startups (at a mature stage),” said Ambar.
“There are some unique ideas, especially with the wills (
Ambar, who said this was Rekanext’s first time listening to pitches by Brunei startups, also echoed the sentiments of the investor panel that the startups’ ideas were “refreshing” in tackling areas not commonly pursued by Singapore’s startups.
“The interesting thing with the Brunei startups
E-commerce platform Rotuku, who took third at Brunei’s ICT awards, are looking to enable micro, small and medium enterprises (MSMEs) from Brunei and then the region to develop exportable halal products to be sold on their platform.
Essentials.ai are looking to innovate frontline sales for insurance companies by building an artificially intelligent chatbot launching next month that can communicate and market with digital-savvy customers.
Founder Syu’aib Rafie – a former competitive bowler – says they are looking to solve the problem of long waiting times and physical record keeping of scores at bowling alleys with an all-in-one application that will track and gamify bowlers’ performance. Aside from tracking individual
DARe is planning to host three cycles of