The second US $55 million fund for Iterative, an early-stage venture capital firm that runs an accelerator in the vein of Y Combinator, has been closed.
Village Global and Cendana, two companies that also headed the Iterative’s initial fund, along with Goodwater Capital and K5 Global, led the acquisition.
Iterative, situated in Singapore, offers two accelerator programs each year. Each participant receives an initial investment of between US $150,000 and US $500,000 after being accepted, and they then work for three months on the company concepts.
The venture capital firm intends to invest from pre-seed to series A stage firms from more than 100 Southeast Asian countries with its second fund.
It plans to go on conducting accelerator programs with additional participants, set up conferences in multiple places, and make follow-on investments — something Iterative claimed it “deliberately opted” not to do with its initial fund.
The company closed Fund I at $10 million US at the end of 2021. Over the course of five cohorts, it used the funding to support more than 65 businesses, including well-known firms like Spenmo, which specializes in banking, PropSeller, a platform for real estate technology, and GoZayaan, which specializes in travel. These firms have a combined valuation of more than US $1.2 billion and have garnered over US $163 million in follow-on investment.
In the year 2020, Brian Ma and Hsu Ken Ooi founded Iterative. Additionally, in 2014, they started the professional social app Weave, which was accepted into the Y Combinator program the same year.
