FWD Insurance today announced the launch of the FWD Start-Up Studio to support insurtech and takafultech start-ups in Malaysia, with seed funding of RM1.2 million over two years.
FWD is now inviting applications for the first cohort of intakes which starts in May. The application closes on the 14th of May 2021.
The Studio aims to build a new talent pool for insurance technology and help streamline the relationship between FWD, emerging startups and adjacent technologies in Malaysia. With this in mind, the Studio has teamed up with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-accelerator programme. This will be open to 25 start-ups in the first round, coming with the opportunity to accelerate towards a minimum viable product (MVP) and commercially partner with FWD.
The pre-accelerator programme
The pre-accelerator programme will cater to start-ups of all stages, from ideation to seed and is open to 25 start-ups in the first round, with each working towards a minimum viable product (MVP) and a chance to commercially partner with FWD. The four-week programme will provide entrepreneurs and start-ups with in-depth coverage of relevant modules and access to mentors, tools and technology to be able to bring their ideas to reality.
After the first round, the top ten start-ups will undergo a further mentorship programme, where they will be able to further refine their solutions and business models in anticipation of the demo day when they will be able to present their pitches to top investors and corporates throughout the region. During the demo day, the top two selected startups will each receive an investment of MYR150,000 from 1337 Ventures and FWD, and also RM 500,000 worth of infrastructure credits for their cloud infrastructure, recruitment, marketing and payment gateway needs. Investee companies are also able to receive further funding for their seed to pre-series A round.
Additionally, the winners will also receive a slew of benefits such as:
RM 500,000 worth of infrastructure credits for their cloud infrastructure, recruitment, marketing, and payment gateway needs.
Further funding for high potential start-ups from seed to pre-series A.
The opportunity to create a proof of concept, working alongside FWD.
A springboard into the Malaysian Global Innovation and Creativity Centre (MaGIC) which gives start-ups a “greenlane” when applying for the National Technology and Innovation Sandbox (NTIS).
The possibility to co-create further high-potential ventures alongside FWD.
Access to the Studio’s mentorship programme.
Immersion into the vibrant Malaysian insurtech network, currently the Islamic finance hub.
Applications are now open, and interviews start on the 30th of April. The application will be closed on the 14th of May 2021. Apply now at https://fwdstartupstudio.com/pre-accelerator.
Those who are interested in following the progress of the startups may follow 1337 Ventures’ page or the FWD Startup Studio’s site for more details on the demo day.
This content is provided by FWD Insurance.
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