BlueChilli launches health-tech accelerator in Singapore
Australia’s BlueChilli has launched a health-tech accelerator in Singapore in cooperation with the local government as part of a broader pivot toward the region.
It follows a partnership with Singapore VC firm Hatcher last year aimed at investing $125 million within three years, and a partnership last month with Australian beverage distributor Coca-Cola Amatil to set up a VC program in Indonesia. BlueChilli says it now plans to relocate its headquarters from Sydney to Singapore.
The health-tech accelerator will serve start-ups from across Asia Pacific with a focus on Southeast Asia, where the sector has been identified as underdeveloped and poised for growth. The program will be supported by Enterprise Singapore, an agency under the Singapore Ministry of Trade & Industry, as well as Startup SG, an accelerator operated by government start-up investor Spring Singapore.
“The demand for quality, affordable and accessible healthcare solutions is rising rapidly in both Singapore and Asia, in part driven by the rising affluence and aging population,” Ted Tan, deputy CEO at Enterprise Singapore, said in a statement. “Partnerships with global intermediaries such as BlueChilli, who have the experience and expertise, can help healthcare start-ups in Singapore develop and commercialize products that meet the needs of users globally.”
Singapore has emerged as an attractive environment for establishing accelerators, incubators, and related initiatives. Previous activity in this vein has been driven largely by corporate-backed start-up programs from the likes of Singtel, DeClout, PayPal, Hewlett Packard Enterprise, and Insurance Group Australia. Last year, Google launched an accelerator in Singapore focused exclusively on the video games segment but targeted across Southeast Asia, India, and Pakistan.
Founded in 2011, BlueChilli is considered the largest accelerator in Australia with 132 start-ups invested to date. These companies are said to have collectively raised more than $170 million. The firm, which also maintains operations in the US and New Zealand, has historically deployed A$50,000-250,000 ($35,000-175,000) per deal. Portfolio companies include Australian logistics software provider GetSwift, which received an $18 million round in 2017.
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