SingTel Innov8 invests in two Australian startups: 121cast and Venuemob
November 15, 2012 by Terence LEE
The inaugural Optus-Innov8 Seed Program has announced on 12th November its first two pre-series A investments. SingTel Innov8 led a AUD250k (USD260k) round by 121cast, which offers a free, personalized, and mobile digital audio feed.
It also fronted a AUD450k (USD468k) round by Venuemob, a provider of party and function locations in Melbourne.
Both startups, which are registered in Australia, stood out from the Winter Pitch Event held on 31st July. 10 startups pitched at that event with the hopes of securing funding.
Moving ahead, Venuemob and 121cast will have 3 to 6 months to refine their strategy and business model, all the while taking advantage of the free venue and mentorship provided by the accelerator program.
Optus will come in to lend a hand with their communications technology, network services, and know-how. Both companies could also use the time to raise their next round of funding, which would be in the AUD1M and above range.
The Program will reopen applications once again in January 2013 for their summer intake.
Optus is a wholly-owned subsidiary of SingTel Group.
Company: SingTel Innov8
SingTel Innov8, the venture capital subsidiary of SingTel, manages a fund size of USD158M. It invests in technologies in the fields of network capabilities, next generation devices, digital content services, and customer service enhancers.View profile: Innov8 More articles: Innov8
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE