This program is part of PnP Indonesia’s commitment to invest in over 30 startups a year.
SINGAPORE, 11 May 2017 – Lignar Labs’ pre-seed investee, KYCK!, has been chosen to be part of Plug and Play (PnP) Indonesia’s accelerator program, out of over 400 applicants. This announcement was made on Monday, after a two-month-long selection process that saw 50 chosen startups pitching their ideas in March.
The pitching session involved PnP Indonesia, PnP Asia Pacific, PnP Silicon Valley, and representatives of PnP Indonesia’s partner companies.
Through the program, KYCK! will receive US$50,000 in seed funding and a three-month mentorship program. PnP will also work closely with corporate partners to expand KYCK!’s network. KYCK! will also be entitled to facilities provided by PnP Indonesia.
As a pre-seed investment of Lignar Labs, this will be KYCK!’s step towards raising the level of quality and convenience of first-level Know-Your-Customer (KYC) processes.
“My team would like to thank PnP Indonesia for this opportunity, and the support in deploying the KYCK! solution.” said Mr Darryl Tan, Co-Founder of KYCK!. “I would also like to express my appreciation to Lignar Labs for all the support and belief in us.”
Applicants to the program came from around the world, with startups hailing from Indonesia, Singapore, Hong Kong, India, Brazil and Germany. The final batch, which is the first of PnP’s program in Indonesia, includes 11 startups.
“The startups were not chosen based on how long they have operated.” said PnP Indonesia Accelerator Director Nayoko Wicaksono on Monday. “What matters most is the traction they have created despite having been around for only a few months.”
“We can also see from the experience of the team itself. It is our job to help them grow,” he added.
A Lignar Engineering venture, Lignar Labs fosters, partners and invests in companies mainly in, but not limited to, the areas of environmental protection, pollution control and energy efficiency. We provide resources such as office space, infrastructure and our long-established networks, guiding new startups from seed to growth.
The KYCK! platform enables governments and financial institutions to build an in-country, on premise KYC platform, where data storage, management and access are controlled by the user. The platform can be white labelled and customised to suit remote on-boarding requirements. In addition, KYCK! is a platform with verification and validation capabilities that raises the quality of KYC at a higher level of convenience.
Plug and Play is a global startup ecosystem and venture fund specialising in the development of early-to-growth stage technology startups. At Silicon Valley, PnP has helped over 3,000 startups to raise over $3.5 billion in funding with over 80 successful exits to date.
Plug and Play Indonesia, together with regional partners, will invest in 30+ startups per year through an accelerator program which will hold 2 cycles of 3 months structured program per year.
Sherlyn Goh, Marketing and Partnerships