Malaysia's 1337 Ventures partners Canada-based InnoStart for pre-accelerator

May 31, 2018

Malaysia-headquartered early-stage venture capital firm 1337 Ventures is teaming up with Canadian investment firm InnoStart Capital for its upcoming pre-accelerator programme Alpha Startups: Fintech Edition, that will kick off in July. According to 1337 Ventures founding partner Bikesh Lakhmichand, the programme, which runs every quarter, will select three top startups to receive early-stage funding of RM50,000 ($12,560). InnoStart Capital will grant an additional RM75,000 ($18,839) to the top startup of the programme. "This will be InnoStart Capital's first engagement with Malaysian startups and we decided to go with the fintech team after working with local banks such as Hong Leong Bank, RHB and Maybank who will provide mentorship to the participating startups. We would like to see something different in terms of fintech, especially if it aims to solve the pain points of banking customers, besides digital wallets. The partnering banks will list down several problem statements for the participating startups to solve in order to address real business challenges that the financial services industry currently faces," he told DEALSTREETASIA in an interaction recently.