Memstar Technology is seeking to recover its $5 million refundable deposit for an RTO of Longmen Group, while Uber is planning to launch a food delivery service, UberEats, in Singapore.
Mobile logistics solutions provider OpenPort has secured a Series A investment led by SIG Susquehanna and Caldera Pacific Ventures.
He, however, observed that it was critical for entrepreneurs to have a global outlook in building ventures that could scale outside Singapore. “If Singapore is to become a leader in innovation, it is going to need its startups and entrepreneurs to take their products to the world,” he added.
Following the transaction, Silver Lake and GIC will each hold equal minority ownership positions in Ancestry. The Permira funds, Spectrum Equity and Ancestry management remain as meaningful equity investors.
Fintech startup Jirnexu (formerly Saving Plus), which operates in Singapore and Malaysia, has raised $3 million in Series A funding. This investment takes their total funding to $4.5 million.
The IDA says that the government of Singapore will be tendering out S$2.82 billion worth of ICT contracts for FY2016.
More foreign-owned business ventures are being registered in Singapore, while Yangzijiang Shipbuilding is taking full ownership of its Singapore subsidiary, CS Marine Technology.
CPG firm Kimberly-Clark has launched a digital innovation centre in Singapore, Nera Telecoms has divested its payments unit and Circles.Life has launched in Singapore offering digitally-oriented mobile services.
Commenting on the transaction, Oil Search chairman Rick Lee said, “Oil Search believes that the acquisition of InterOil represents an excellent outcome and enables both companies to benefit from the value created through the commercialisation of the gas resources in PRL 15. “
International graduate business school INSEAD is launching a global incubator in Singapore called INSIDERS, helmed by two INSEAD alumni who are veteran entrepreneurs.