Company will focus on startups in telecom, mobile advertising, utility apps and mobile gaming
With the aim to focus on startups in the telecom, mobile advertising, utility apps and mobile gaming, the Singapore headquartered U2opia mobile will invest over $3 million over three years in its newly launched startups program, Catapult.
The Catapult program is inviting early-stage startups and entrepreneurial teams focused on innovation in scalable mobile technology for growing and scaling early stage product ideas to a global audience.
Under this program, participating teams will be given access to technology infrastructure, working space, brand & marketing support, management and financial cover, along with a chance to leverage on U2opia mobile’s reach, where the company runs existing operations in partnership with global mobile operators and internet publishers.
According to company official, to qualify for the program, entrepreneurial teams need to have a product that has global focus, a proven history of user traction, a validated plan for user growth and should be within 2 years in business.
Once the teams apply, selected teams are taken under the program and will be incubated and supported for a period of six months. The early traction and momentum for these teams will determine the next course of growth
“Given that the investment sentiment in market indicates a prolonged winter for startups, it’s imperative that we support the community by creating opportunities for young entrepreneurs to continue building great products without the fear of failure,” said Sumesh Menon, co-founder & MD at U2opia Mobile.
U2opia Mobile is backed by marquee investors Matrix Partners and Omidyar Network. It was launched in May 2011. Company works with many mobile operators in Asia, Africa & Latin America.