Tech startups in Singapore have seen a 56% growth in funding and raised S$5.3 billion (US$3.9 billion) from 355 deals in the first half of 2021, said Peter Ong, chairman of Enterprise Singapore. In comparison, tech startups raised S$3.4 billion (US$2.5 billion) from 317 deals in the same period last year.Enterprise Singapore is a government agency that backs the city-state’s growth as a hub for global trading and startups. the agency works with companies to build their capabilities, innovate their products, and chalk out a plan of expansion.
In a bid to sustain the momentum in Singapore’s startup ecosystem, Enterprise Singapore’s investment arm, Seeds Capital, has appointed 13 new co-investment partners to join it in pumping money into deep tech startups under the Startup SG Equity Scheme.Foci to catalyze over S$150 million (US$111 million) worth of investments into deep tech startups across advanced manufacturing and engineering, health and biomedical sciences, and urban solutions and sustainability.Seeds Capital will also supply co-matching funding on a 7:3 basis for the first S$500,000 (US$370,000) of co-investment, with a cap of up to S$8 million (US$5.9 million) per startup.
“Over the past few years, we have invested in over 100 startups globally on solutions to eliminate plastic waste, promote a circular economy, reduce our carbon footprint, and generally to make cities more livable and sustainable,” said Jupe Tan, managing partner of Plug and Play, one of Seeds Capital’s partners that will look to invest in the urban solutions and sustainability domain.lug and Play aims to invest in Singapore-based startups and give them access to its network through partnerships with organizations like Asian Development Bank and Alliance with the aim of ending plastic waste disposal.
Meanwhile, other co-investment partners in Seeds Capital include MassMutual Ventures and Real Tech Holdings.
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