Temasek, UOB invest $200m in venture debt provider InnoVen Capital

Chin Chao at the Asia PE-VC Summit 2016 in Singapore. Photo: DEALSTREETASIA

Singapore-based venture debt provider InnoVen Capital has announced raising an additional $200 million in capital commitment, with the city state’s investment arm Temasek and United Overseas Bank each contributing $100 million.

InnoVen Capital, which has offices in India, China, and Singapore, said the additional commitment will help it tap the potential in Asia’s venture debt space.

“The additional capital from our shareholders allows us to engage even more start-ups and to continue to build out a truly, unique platform which allows InnoVen to collaborate with the best VCs, corporates and entrepreneurs from across all of Asia,” said InnoVen Capital Singapore and Southeast Asia CEO Chin Chao.

InnoVen Capital was formed in 2015 with the acquisition of Silicon Valley Bank’s business in India by Temasek Holdings and UOB where both had committed $100 million each to the paid up capital of InnoVen Capital.

The firm provides debt financing to high growth and innovative tech startups, and has since supported over 200 start-ups, with over $500 million in financing. It offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, working capital facilities, and others. Some of its notable investments include Swiggy, Oyo, Byju’s, UCommune, Momenta, Akulaku, Carsome and RedDoorz.

“Access to additional equity capital along with the ability to leverage the balance sheet will position us well, as we drive an ambitious growth agenda,” added InnoVen Capital India CEO Ashish Sharma.

The venture lending firm entered China a little over a year back and has already built a portfolio of nearly 30 leading startups across sectors. “With additional capital commitment from our shareholders, I firmly believe that InnoVen Capital will continue to promote the growth of more innovative companies, and provide more diversified forms of financing for startups in Asia,” added InnoVen Capital China managing director Yingxue Cao.

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.