VENTURE capital firm Trive, together with a family foundation, has launched a venture philanthropy fund to provide Singapore-based entrepreneurs with financial support of up to S$100,000 each.
Called the Tenacious Founders Venture Philanthropy Fund, the effort is targeted at helping local entrepreneurs who have "shown tenacity" in running their businesses, but face a shortage of financial resources to build up their operations. It aims to support up to 10 founders in the next year.
The funding will come in the form of a redeemable SAFE Note of up to S$100,000. SAFE notes are convertibles that allow investors to purchase equity in a future fundraise. However, Trive will not be taking equity in the businesses, and will instead encourage repayment of the notes upon being "financially positive".
Recipients do not need to guarantee the notes. As they make repayments, the funds will be used to fund the next successful applicant. The family foundation, which is not disclosing its identity, will be the sole limited partner to the fund.
Trive's managing partner Christopher Quek said: "The fund aims to be the short-term bridge for these founders who are tenacious and have a 'never-say-die' attitude. The goal of this fund is to believe and support such Singapore entrepreneurs to succeed and for them to become a positive economic impact for Singapore."