Singapore state backed fund Infocomm Investments Pte Ltd plans to make direct investments in Israeli tech startup companies, a report said.
International wire agency Reuters, quoted Alex Lin, head of Infocomm Investments ,the investment arm of Infocomm Development Authority of Singapore (IDA), as stating that the fund was in talks with several Israeli startup companies.
Lin however did not divulge details of the companies Infocomm is in talks with, and also did not specify the potential investment size.
Israel is regarded among the most successful startup destinations out Silicon Valley in the US.
Active in supporting global tech startups in their expansion to the huge and growing markets in Asia for the past 15 years, Infocomm Investments is likely to offer, to Israel’s highly coveted technology sector, a strong knowledge of the opportunities in the Asian market.
It will also offer direct connections to a wide network of investors, venture capitalists, entrepreneurial talents and potential partners across the private and public sectors in Singapore and Asia.
Currently, most Israeli companies look to US for both expansion and funding.
It is likely that Infocomm will also extend its strategy – which involves co-investing with other leading venture capitalists in high growth, innovation-driven tech startups – to Israel also.
This marks the latest in a series of initiatives from the company expanding operations to across the globe. Earlier this year, the the IDA had said it would be offering $200 million in funding to startups in the US in an attempt to bring more American startups to the city-state. The IDA had made this announcement as it kicked off its San Francisco office.
In late 2014, Infocomm Investments had also launched its London office with the aim of investing in UK and European based startups. It had also financed a London-based fintech accelerator run by Startupbootcamp.