What does the extra US$74 million mean for Singapore startups?
Singapore has set aside an additional $74 million for local startups and SMEs to boost the industry and ultimately the local economy. According to the Singaporean finance minister, Heng Swee Keat, it is part of the SME Co-Investment Fund III.
This is the third edition of this fund, which has always focused on providing long-term growth capital for Singapore-based startups and SMEs. According to the Minister:
Having smart, patient capital that attracts investors with the expertise and the right time horizon is another way to help firms scale-up. Over the past few years, the Government has worked on improving access to private capital for start-ups and SMEs.
We’ve explored the Singapore ecosystem extensively and the country continues to the hub for the region when it comes to investment and technology.
What else was shared
Other interesting aspects of the announcement was the growth of Singapore’s venture capital ecosystem. The Minister noted that Singapore recorded 220 venture capital deals yearly worth almost $4.2 billion (US$3.1 billion). In 2012, there were 80 deals worth $136 million (US$100 million).
There are more than 150 global venture capital funds, incubators and accelerators are based in Singapore, supporting local and regional startups.
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Watch the full speech here:
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