Photo credit: SGInnovate

Photo credit: SGInnovate

SGInnovate to work with 17 VCs for co-investing in early-stage deep tech startups under Startup SG Equity scheme

SGInnovate announced today that it has appointed 17 co-investors under the Startup SG Equity scheme. (SGInnovate is a private limited company wholly owned by the Singapore Government to support and develop the deep tech startup ecosystem in Singapore.)

The Startup SG Equity schemewas created to stimulate and accelerate private investment into innovative, Singapore-based technology startups with intellectual property and global market potential. Both SGInnovate and SPRING Seeds Capital Pte. Ltd. (an investment arm of SPRING Singapore) were appointed to manage the funds under this scheme.

The co-investors would collectively be identifying and co-investing with SGInnovate in early-stage deep tech startups in areas prioritised in Singapore’s Research, Innovation and Enterprise 2020 Plan or RIE2020, such as Artificial Intelligence and Blockchain.

The total value for investments that would be made alongside these co-investors could potentially reach up to S$80 million over the next four years.

In addition to the injection of capital that will fuel the startups’ development and expansion efforts, they are also expected to benefit from the strategic and management guidance provided by SGInnovate and the co-investors.

These co-investors have been appointed through a stringent selection process that is based on, among other criteria, the management team’s capabilities and adequacy of facilities and resources.

“Deep technology startups typically have a longer roadmap for development and commercialisation, and this may discourage some private sector VCs whose LPs expect shorter-term returns,” said Steve Leonard, Founding CEO, SGInnovate. “These highly qualified VCs have committed to be active investors in early-stage deep tech startups founded in Singapore, and we look forward to working with all of them.”

The 17 co-investors (with additional details for some of them) are:

  • C31 Ventures (CapitaLand’s corporate venture fund that invests in technology startups that complement CapitaLand's real estate business and provide the Group with new strategic capabilities)
  • Cocoon Capital (a S$10 million seed-stage venture firm focusing on early-stage, digital companies across Southeast Asia and India)
  • Decacorn Partners (a cross-border venture funding initiative, which aims to invest in game changing start-ups)
  • Dymon Asia Ventures (a Singapore-based venture capital fund with focus on financial services)
  • Gobi Management (Gobi manages nine funds, with investment focus on early stage, IT and digital media companies in China and Southeast Asia)
  • Jungle Ventures (seeks to help build regional consumer internet category leaders in retail, financial services, travel & hospitality, healthcare and several other sectors)
  • Mojo Partners
  • Monk’s Hill Ventures (VC firm investing in post-seed stage tech startups that seek to take advantage of the fast growing Southeast Asian markets)
  • NSI Ventures (typically invests at Round A or B stage, where revenue traction is building and capital is required to drive rapid growth and its existing portfolio covers B2C and B2B technologies; part of the Northstar Group, a Southeast Asia private equity firm)
  • Pix Vine Capital (provides early-stage venture capital to startups in Info-Tech, Med-Tech and FinTech)
  • Qualgro Partners (invests at Series A and Series B, across Southeast Asia, Australia & New Zealand, with primary focus on B2B)
  • Supply Chain Angels (the corporate venture arm of YCH Group, a leading integrated end-to-end supply chain management and solutions provider in Asia-Pacific; co-invested by National Research Foundation (NRF) under the Early Stage Venture Funding Scheme III, SCAngels invests in startups that are synergistic and complementary to YCH’s supply chain and logistic business)
  • TNF Ventures (established presence in ICT, social media, hardware, fintech and medical space and with extensive network panning from ASEAN to China and India)
  • tryb Group (a financial technology platform, which acquires, develops and operates financial technology for institutions in trade finance, SME finance and micro-credit, seeking to enable better access to global capital markets for underserved consumers of credit in ASEAN)
  • Velocity
  • Vickers Venture Partners (looks for sustainable business models with competitive edges and considers platform plays to be key to portfolio risk mitigation)
  • Wavemaker Partners (starts with small investments in very early-stage companies, working with them over 12-18 months and gradually exposing more capital to the most promising ones)

SGInnovate recently announced its ‘Deep Tech Nexus’ Strategy that represents its commitment to add tangible value to the Singapore deep tech startup ecosystem in two key areas – Human Capital and Investment Capital.

In the latter area, the goal is to make direct investments into at least 20 Singapore-based deep tech startups during next year, as well as to co-invest into deep tech startups alongside private-sector VCs (venture capitalists) under Startup SG Equity. Three technology areas were selected for focus during 2018: Artificial Intelligence, Blockchain and MedTech.

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