Media incubator programme raises more than S$2m in seed funding

Media incubator programme raises more than S$2m in seed funding

Mediacorp's Mediapreneur is accepting applications for its third batch of start-ups until Mar 5.

Mediapreneur logo

SINGAPORE: Mediacorp's incubator programme for digital media start-ups, Mediapreneur, has raised more than S$2 million in seed investment over the last two years, the company announced on Thursday (Feb 2).

It also said it is accepting applications for a third batch of start-ups.

Launched in 2013, the Mediapreneur initiative puts seed-stage media companies through a one-year structured incubation programme, which provides seed funding, intellectual property, mentoring, working space and networking opportunities.

Last year, Mediapreneur announced a partnership with crowdfunding platform FundedHere to give start-ups a wider platform to attract capital.

It raised at least S$375,000 for one firm, Spotted!, which turns digital advertisements into games to help advertisers better engage their target audiences.

Another company supported under the initiative, virtual reality and 360 degree video production studio Vostok VR, said its business has increased by more than 600 per cent within the first six months after Mediacorp's investment.

Vostok VR's chief executive officer, Vitaliy Nechaev, said that as a start-up, the studio needed a "wide network of business contacts and qualified mentoring" to scale its products globally. "That's why we find the Mediapreneur programme so attractive," he said in the statement.

Mediacorp’s head of strategic planning Guillaume Sachet said the company was "happy to see good progress and successes" from the programme's first two batches of start-ups, which have gone on to launch their products in the market.

"We aim to be the nurturing conduit to grow this healthy ecosystem of entrepreneurial space," he added.

Applications for Mediapreneur's third batch of start-ups are open until 11.59pm on Mar 5, 2017.

Source: CNA/mz