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Iterative is an accelerator and venture fund providing early-stage capital and mentorship to startups, primarily in Southeast Asia. The firm invests between $150,000 and $500,000 in cohorts of companies twice annually, guiding founders through a three-month program. This intensive period focuses on idea validation, growth strategies, and preparing for subsequent fundraising rounds, culminating in a Demo Day where participants present to a curated group of investors.
Founded by Brian Ma and Hsu Ken Ooi, Iterative was established with the core insight that Southeast Asia required more robust support infrastructure for its nascent entrepreneurial ecosystem. Ma and Ooi bring significant experience from launching multiple ventures, including Decide, Weave, and Divvy Homes. Their personal journey of building companies from inception, securing substantial funding from leading investors, and achieving successful exits, informs their approach to nurturing new founders.
The firm's program supports early-stage founders seeking to scale their ventures. Iterative aims to cultivate a vibrant, supportive, and intellectually honest community among its portfolio companies. Ultimately, its long-term vision is to contribute to the economic development of Southeast Asia by fostering entrepreneurship, recognizing its profound impact on regional GDP growth.
Iterative is a Singapore-based early-stage venture firm and accelerator focused on Southeast Asia, with a mission to back world-changing startups at the earliest stages. The firm operates a highly selective accelerator program that invests up to US$500K in a small batch of startups twice a year, providing not just capital but intensive, hands-on collaboration over a three-month cohort period. Its investment philosophy centers on deep founder partnership: it treats capital as a secondary tool, prioritizing mentorship, product refinement, fundraising readiness, and network access to help founders scale.
Iterative primarily backs startups in high-impact, technology-driven sectors such as fintech, AI, blockchain, and data science. By focusing on Southeast Asia—a region with rapidly digitizing economies, rising founder density, and underpenetrated venture ecosystems—Iterative plays a catalytic role in shaping the next generation of regional tech champions. It has become a go-to launchpad for early-stage founders in the region, helping them refine their ideas, build defensible businesses, and raise follow-on capital from top-tier global investors.
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Iterative was founded in 2018 as a Singapore-based investment firm with a dual identity: an early-stage venture investor and a hands-on accelerator. The firm was co-founded by Brian Ma and Elpizo Choi, both experienced founders with deep roots in Silicon Valley and a strong understanding of the challenges faced by first-time entrepreneurs. Brian Ma previously founded Decide.com (acquired by eBay), co-founded Weave (Y Combinator S14), and later launched Divvy Homes, a unicorn backed by a16z and GIC. Elpizo Choi brings complementary operational and investment experience, having worked closely with Ma on multiple ventures.
The idea for Iterative emerged from their firsthand experience navigating early-stage fundraising, product-market fit, and scaling challenges—especially in markets where founder support infrastructure was still maturing. They saw an opportunity to create a more founder-friendly, operator-led model: one that combined meaningful early capital with intensive, three-month collaboration cycles, culminating in a curated Demo Day for follow-on funding. Over time, Iterative evolved from a regional investor into a structured accelerator program that now runs two cohorts per year, investing in a handful of startups and working with them as deeply as co-founders.
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Founder-First, Operator-Led Approach- The team consists of serial founders (not just investors), giving them real-world credibility in advising on product, hiring, fundraising, and negotiation.- They emphasize “collaborate over capital,” treating their investment as a signal of commitment rather than the primary value-add.
Intensive, Cohort-Based Acceleration- Invests up to US$500K upfront in each selected startup, with no program fee.- Runs a tight, three-month program focused on refining the idea, building traction, and preparing for a larger raise.- Ends with a curated Demo Day connecting founders to a vetted network of global investors.
Deep Fundraising & Term Guidance- Actively helps founders understand and negotiate term sheets, especially in Southeast Asia where terms can be opaque or founder-unfriendly.- Guides startups in crafting concise, investor-ready pitches and iterates on them through practice sessions with batchmates and investor friends.
Strong Network & Follow-On Leverage- Built strong relationships with top-tier VCs and angels, enabling portfolio companies to raise from leading funds post-program.- Leverages Silicon Valley experience while being deeply embedded in Southeast Asia’s evolving startup ecosystem.
Focus on High-Leverage Sectors- Concentrates on frontier tech areas—fintech, AI, blockchain, and data science—where early bets can yield outsized impact and returns.- Targets startups solving real, region-specific problems with scalable, technology-driven models.
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Iterative sits at the intersection of two powerful trends: the rise of Southeast Asia as a major tech hub and the global shift toward founder-centric, operator-led venture models. As internet penetration, mobile adoption, and digital financial services surge across countries like Indonesia, Vietnam, Thailand, and the Philippines, the region is producing more ambitious founders building solutions for local and global markets. Yet, early-stage support—especially at the pre-seed and seed stages—remains relatively thin compared to Silicon Valley.
Iterative fills this gap by acting as a launchpad: it de-risks early ventures through structured mentorship, capital, and network access, effectively compressing the time it takes for a raw idea to become an investable company. In doing so, it strengthens the entire regional ecosystem by raising the quality of pitches, improving founder fluency in fundraising, and increasing the velocity of follow-on rounds. Its model also reflects a broader industry shift—away from passive check-writing toward active, hands-on venture building—making it a template for how modern, global micro-funds can operate in emerging markets.
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Looking ahead, Iterative is well-positioned to deepen its influence as Southeast Asia’s startup ecosystem matures. As more startups graduate from its program and go on to raise larger rounds or achieve meaningful exits, the firm’s brand as a high-conviction, high-support early-stage partner will only strengthen. It may expand its fund size, increase batch frequency, or even spin out sector-specific programs (e.g., fintech or AI verticals) to capture more value in high-growth domains.
The firm’s future will likely be shaped by three forces: the pace of digital transformation in Southeast Asia, the global appetite for frontier tech, and the continued demand for founder-friendly, operator-led capital. If it maintains its disciplined, quality-over-quantity approach while scaling its network and follow-on capabilities, Iterative could become one of the most influential early-stage institutions in the region—less like a traditional VC and more like a founder’s first true partner in building something enduring.
In a world where capital is increasingly commoditized, Iterative’s real edge isn’t the check size—it’s the three months of relentless collaboration that turn promising ideas into companies the world can’t ignore.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Aug 16, 2023 | Boost Capital Partners | $2.5M Seed | — | Larry Hootnick, Puon Penn, Shivaas Gulati, Epic Angels, Hustle Fund, Insitor Partners, Iterative Ventures, Village Global, XCEL NEXT VENTURES |
| Oct 1, 2021 | Friz | $1.0M Seed | Y Combinator | Amand Ventures, Iterative Ventures |