Spring Singapore, 9 partners in S$200m bid to boost tech startups

Singapore

THE investment arm of Spring Singapore - Spring Seeds Capital (SSC) - has appointed nine co-investment partners in a bid to catalyse more than S$200 million worth of investments into tech startups based in Singapore over the next eight years.

In tandem with the Startup SG Equity scheme, SSC is committing up to S$100 million under the research, innovation and enterprise (RIE) budget. This amount will be matched by private capital raised by the co-investment partners.

The nine appointed partners are: Armstrong Industrial Corporation, HealthXCapital, Heritas Capital Management, Incuvest-Avior, MedTech Alliance 2, Millennia-VFT Ventures, Silicon Solution Partners, Small World Accelerator, and Trendlines Medical-K2 Global.

According to Spring Singapore, these partners were selected based on their expertise in the key sectors, as well as their ability to add value to the startups, and shorten their learning curves with the injection of resources.

The new partners will join seven other SSC co-investment partners. Over the past two years, SSC and these partners have co-invested over S$35 million in more than 20 startups in the sectors of advanced manufacturing & engineering (AME), health & biomedical sciences (HBMS), and urban solutions & sustainability (USS).

"The strategic emerging sectors have immense growth potential and generate significant economic benefit, good jobs, and positive social impact. This includes raising manufacturing productivity through innovation, improving healthcare and quality of life, and ensuring environmental sustainability," said Spring Singapore in a press statement on Thursday.

Additionally, SSC chairman and Spring Singapore's deputy chief executive, Ted Tan said: "Investors, accelerators, and incubators play a key role in catalysing innovative deep tech startups. We look forward to working with our new co-investment partners to identify high-potential startups, assist them in developing their capabilities, and fast-track their entry into the global market."

Spring Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow; while Startup SG Equity focuses on developing tech startups with intellectual property and global market potential.