GIC-backed coworking provider JustCo and Singapore-based venture capital investment firm Trive Ventures are teaming up to launch a startup incubation programme that provides a communal home for fast-growing new companies in central Singapore, according to a joint statement released by the two companies on Monday.
An initiative by JustCo Lab in partnership with the Trive Ventures, the Trive Labs programme entitles qualified entrepreneurs to complimentary hot-desking at the JustCo Lab, a special co-working facility housed at JustCo’s Marina Square location in downtown Singapore.
Startups in the programme can also gain immediate access to JustCo’s regional community of more than 17,000 members, which according to the Singaporean firm, range from small and medium-sized enterprises to Fortune 500 companies.
Nine Months to Learn to Earn
The Trive Labs programme features a nine-month long project runway targeting early-stage startups in Singapore, which have successfully attained the Startup SG Founders Grant with Trive as an accredited mentor partner, or which have attained external funding of exceeding S$20,000. The startups also must be judged to have a defensible tech slant and a positive outlook for regional expansion, said the statement.
JustCo and Trive will focus on “providing support, resources and mentorship” to the qualified startups through provision of flexible workspaces, complimentary business support services, business clinics and workshops, event invitations and community networking opportunities.
“The JustCo community is a large melting pot of like-minded businesses and individuals with different expertise and resources from varied industries, providing Trive startups a platform to easily find networking and collaboration opportunities and drive success to each other’s business,” said Kong Wan Sing, CEO and founder of JustCo.
JustCo Launches Collaboration App
At the same time that it unveiled its incubator initiative, the eight-year-old flexible office space operator also announced the launch of the JustCo App, which serves as a platform to facilitate collaboration amongst its membership and to encourage closer interactions across the regional JustCo community.
Through the app, JustCo members are given seamless access to any centre, and can book resources, sign up for events or enjoy members-only perks. The users can also receive community news, as well as submit and track service requests all with a click of a button.
The app will also enable members to build their personalized business profiles and match themselves with potential customers. In the future, JustCo anticipates adding features including an E-store and marketplace function where members can promote and sell their products or services to the whole JustCo regional network.
Putting That New Funding to Use
Singapore-headquartered JustCo received a $177 million capital injection from Singapore’s sovereign wealth fund GIC and Singapore-listed developer Frasers Property, which is controlled Charoen Sirivadhanabhakdi, the billionaire chairman of Bangkok-based alcohol giant Thai Bev. The investment, which gave JustCo access to properties owned by the two firms, has helped flexible office firm to secure prime locations.
At the end of January, JustCo announced plans to double its APAC footprint in the first few months of this year by opening or securing nine new centres in Australia, East and Southeast Asia.
The co-working operator revealed previously that it aims to open 50 centers in Asia by 2019 and 100 centers by 2020, as well as to acquire tech companies to complement its real estate operations.