11th December 2023
Phnom Penh
On 11th December 2023, Khmer Enterprise and Prestige Consulting organized a Demo Day under the SprintX Accelerator program. The event was presided over by H.E. Dr. Chhieng Vanmunin, Chief Executive Officer of Khmer Enterprise, and attended by more than 100 members composed of investors, field experts, leaders of corporations and development organizations, and entrepreneurs.
SprintX Accelerator commenced in October 2023, where 12 tech startups and tech-based SMEs underwent eight weeks of masterclasses from experienced trainers, mentoring sessions, and one-on-one consulting sessions with Prestige Consulting. The topics covered business strategy, product commercialization, digital marketing, and a strong emphasis on investment readiness and fundraising.
The program reports a significant 55% increase in investment readiness understanding of participants based on the assessments. In addition, 85% of the participants held a positive opinion of the masterclasses’ usefulness. Also, 90% of all the participating teams reported a high level of satisfaction with the overall program.
Before the Demo Day, the 12 teams pitched their businesses to a panel of three seasoned judges, and the top seven teams were carefully selected as finalists. These finalists receive complimentary investment deal support from Prestige Consulting until mid-March, 2024.
On Demo Day, the seven startups pitched in front of a panel of three independent judges. As a result, Bonlai was awarded as the 1st winner, Academy of Careers and Technology as the 2nd winner, and Solar Green Energy Cambodia (SOGE) as the 3rd winner. The top three teams were selected to receive grant prizes from Khmer Enterprise, totaling KHR 24 million.
“SprintX is one of the first advanced accelerator programs supported by Khmer Enterprise which offers a component of deal support and allows participating startups to explore the possibility of raising funds either from angel investors or equity investors. The deal support mechanism is in high demand and this program might be an answer to the pressing questions of access to capital which most startup founders are facing.” said H.E. Dr. Chhieng Vanmunin, CEO of Khmer Enterprise.
“This program and its impact couldn’t have happened without the support and trust from our partners. We look forward to joining hands with the private sector, the development organizations, and the government, to further support Cambodia’s businesses and investment,” said Mrs. Jolyda Sou, Managing Director of Prestige Consulting.
Commenting on the sponsorship, Ms. Romny Theam, Chief External Affairs Officer and Regional Manager of ABA Bank, said, “We are particularly impressed by the strong focus on digital technology and financial inclusion within the program. These are key areas where ABA Bank is committed to making a difference. Through our digital banking solutions and financial inclusion initiatives, we aim to empower individuals and businesses across Cambodia, and we are confident that the startups emerging from the SprintX program will play a significant role in this endeavor.”
Khmer Enterprise (KE), a unit created by the Royal Government of Cambodia, aims to mobilize, invest and manage resources, from all legitimate sources, to support the development of a vibrant entrepreneurial ecosystem and to provide financial and non-financial support to related entrepreneurial ecosystem activities.
Prestige Consulting is a professional service firm specializing in business consulting (business development, financial and investment advisory, digital marketing), program management, training & capacity development, and tech development.
Advanced Bank of Asia Limited (ABA Bank), the largest commercial bank in Cambodia and the leader in digital financial solutions founded in 1996, is the largest commercial bank in Cambodia by assets, deposits, loans, and net profit. The Bank offers the entire spectrum of services to customer segments covering SMEs, micro businesses, and individuals through 85 branches and 849 ATMs. ABA Bank is the exclusive bank sponsor of the SprintX Accelerator Program.
Alibaba Cloud, registered and headquartered in Singapore, is a cloud computing company, a subsidiary of Alibaba Group, which provides cloud computing services to online businesses and Alibaba’s own e-commerce ecosystem. Alibaba Cloud is the platinum sponsor of the SprintX Accelerator Program.
