Central regions | Finance, business | Technology & innovation

SpinUp Partners leads Russian start-ups to global markets via Singapore accelerators

2 Jul '14
Over the past months Russian seed-stage fund SpinUp Partners has invested in two Asian start-up accelerators – a pioneering move among Russian funds, which usually consider California the prime destination in their global investment strategy.

In March, SpinUp Partners was the secondary investor in an international consortium that injected $2.1m into Singapore-based Joyful Frog Digital Incubator (JFDI), East-West Digital News, the first all English-language online resource dedicated to Russian digital industries, reported earlier this summer.

Anchored by Singapore’s Infocomm Investments Pte Ltd (IIPL), the investment round was also supported by Silicon Valley’s Fenox Venture Capital, as well as individual investors from Germany, the Philippines, Thailand, and the UK.

JFDI presents itself as “Asia’s number one start-up business accelerator program, the first of its kind in the region and first to join the Global Accelerator Network set up by US accelerator pioneer, Techstars.”

SpinUp Partners has also backed HaxAsia, a Singapore-based hardware-oriented business accelerator launched earlier this year. HaxAsia promises to help “build global companies” with a six-month acceleration program in Singapore, San Francisco and Beijing.

In addition to providing Singaporean accelerators with funds, SpinUp Partners, Ruvento, DI Group, and the other HaxAsia partners recruit start-ups from Russia and neighboring countries to join them and develop in Singapore.

A start-up with founders from Russia, Smartmio, is among HaxAsia’s first two resident companies. It is developing “the first wearable electrical muscle stimulation device.” The other start-up with Russian founders in HaxAsia’s portfolio is CreoPop, a company creating the world’s first 3D pen.
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