SINGAPORE. 13th March 2018 – Australia’s largest tech accelerator BlueChilli today announced a three year partnership with Singapore-based data-driven venture firm Hatcher+ to co-invest and build 240 global startups.
The partnership was made after Hatcher+ completed an extensive, year-long due diligence of BlueChilli’s accelerator program. “We seek to partner with the best accelerators around the world – the sector champions and geographic champions,” said Wissam Otaky, Partner at Hatcher+. “We elected to work with BlueChilli because they are the best at what they do in the region.”
Under the partnership, the $125M Hatcher+ H2 venture fund will underwrite each startup’s initial development costs in exchange for an equity position in each accelerated startup selected by BlueChili. Hatcher+ will then make additional investments into each successful startup – up to a total of US$400,000 per company.
“I’m excited to work with Hatcher+. John, Dan and Wissam have a unique approach to supporting entrepreneurs and their early/wide portfolio strategy aligns well with our global ambitions.” BlueChilli CEO Sebastien Eckersley-Maslin said.
The accelerator is unique in providing a technology team as well as cash in “idea stage startups” exchange for 15% equity. The provided team work with each founder to build and validate a product during the 12 week accelerator program. According to founder and CEO Sebastien Eckersley-Maslin, this approach allows the firm to invest in commercial, creative and business founders who aren’t coding but “make up over 90% of the population” and that it provides “a fast track for the startup to get traction, raise capital and employ the right CTO”.
BlueChilli has invested in over 100 startups since launching in 2011 and runs several leading startup accelerator programs, including SheStarts and CityConnect. The Sydney-based accelerator will be expanding its operations to other countries to find the 240 startups, with Eckersley-Maslin hinting they plan to announce the first new countries in the coming months.