Singapore: SPRING Singapore commits $72.9m to develop deep tech startups, seeks co-investors

Optoelectronics technology. Credit: Government.ru

SPRING Seeds Capital (SSC), the investment arm of SPRING Singapore, has committed up to S$100 million ($72.9 million) to develop high-potential startup ventures.

As part of this move, it is seeking co-investment partners to participate in funding Singapore-based deep technology startups, which are ventures whose business models are built around proprietary technologies, research or hardware. These co-investment partners can be either local or foreign entities with Singapore-based operations.

The capital that SSC has put aside for the programme will be matched by private capital raised by these partners. The investments under this scheme will concentrate on ventures involved in domains such as advanced manufacturing and engineering (AME), health and biomedical sciences (HBMS), and urban solutions and sustainability (USS).

These are spheres identified by the Singapore government for its research, innovation and enterprise 2020 (RIE2020) plan. Last year, SSC launched a similar initiative, partnering with accelerators, and investors in May 2016 to assist emerging “deep tech” startups to grow.

In an official statement, SPRING Singapore said, “The sectors identified have high potential for growth and offer many opportunities for start-ups. They also generate significant economic and social impact, such as productivity improvement through the use of innovative and disruptive technologies. As companies in deep tech sectors may need a longer runway for development and commercialisation, SPRING and the new co-investment partners will support and catalyse smart financing options for early-stage start-ups in these sectors.”

“Besides funding support, these partners must take a hands-on approach in helping early-stage start-ups fast-track commercialisation through mentorship and connect them to potential clients through their networks,” it adds.

Currently, SPRING provides a co-matching of 7:3 (up from 1:1 previously) for the first S$500,000 of co-investment amount, and, for matching partners, up to S$4 million per deep tech startup.

Also Read:

Deep tech a substantial venture opportunity: Steve Leonard, SGInnovate

Singapore: Katrina Group JV; SGInnovate-SC Angels partnership

ASEAN’s early-stage funding future is exciting: Michael Smith, SeedPlus

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.