IdeaSpace Foundation, the startup support organization behind IdeaSpace and QBO Innovation Hub, has announced a new round of investments after closing the 9th cohort of the IdeaSpace acceleration program.
Following the IdeaSpace Demo Day, the IdeaSpace Investment Committee has chosen to invest P1 million each in Betterteem, Fitscovery, and Twala.
Betterteem is an (artificial intelligence) AI-powered workplace app which uses predictive analytics for benchmarking and insights; provides employee assistance programs on demand to make mental health support accessible in the workplace; and a digital community for social interaction, gamified fitness, and rewards and incentives.
Fitscovery is a software as a service platform that enables micro, small, and medium enterprises (MSME) fitness businesses to go online while providing consumers a portal to discover the right programs and trainers fit for their goals. The platform provides them with tools to build their websites with booking and payments integration and events and customer database management systems to automate sales and increase exposure to potential clients and partners. They also provide enterprise clients with a platform to offer customizable health and fitness programs for their employees.
Huge market opportunity
Twala is the country’s first document management and eSignature platform powered by smart contracts on the Ethereum blockchain which aims to reduce contract signing time, courier cost, and instances of fraud; and optimize this key business process for post-pandemic remote work.
“We selected these three startups because they’ve demonstrated clear and strong plans to achieve rapid growth and outlined a huge market opportunity in their respective industries.,” said Butch Meily, president, IdeaSpace. “Over the duration of the IdeaSpace acceleration program, they have also shown the ability to scale quickly.”
To date, Betterteem has over 3,000 active users and is working with larger companies in the IT-BPO industry such as Accenture and Startek. Fitscovery now has 318 vendors and over 5,000 consumers, with 28% monthly growth. Twala now has over 2,000 individual users, over 200 companies, and 7 corporate partners using the platform, helping reduce contract signing time from 7-14 days to 2 hours or less.