The fund aims to catalyse equity investments for deep tech startups, creating economic opportunities and social impact for Singapore
13 December 2017, Singapore: SGInnovate today announced that it has appointed 17 co-investors under the Startup SG Equity scheme. They 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.
SGInnovate is managing a portion of the fund under this scheme, which is aimed at accelerating the growth of deep tech startups. 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. Apart from the injection of capital that will fuel the startups’ development and expansion efforts, they will also benefit from the strategic and management guidance provided by SGInnovate and the co-investors.
These co-investors (See Table Below) have been appointed through a stringent selection process that is based on, among others, the management team’s capabilities and adequacy of facilities and resources. (Refer to Appendix A for Quotes from Co-Investors)
| C31 Ventures | Cocoon Capital | Decacorn Partners |
| Dymon Asia Ventures | Gobi Management | Jungle Ventures |
| Mojo Partners | Monk’s Hill Ventures | NSI Ventures |
| Pix Vine Capital | Qualgro Partners | Supply Chain Angels |
| TNF Ventures | tryb Group | Velocity |
| Vickers Venture Partners | Wavemaker Partners |
“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.”
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 next year, as well as to co-invest into deep tech startups alongside private sector VCs under Startup SG Equity.
Media contacts
Grace Chiang
SGInnovate
[email protected]
Ho Chin Ann
IN.FOM (Partnering agency of SGInnovate)
[email protected]
Appendix
PDF: Appendix A - Co-Investors' Quotes