UOB's crowdfunding partner OurCrowd raises $98m

Half of the funds will be used for global office expansion.

As it upholds its commitment to supporting startups and small and medium-sized enterprise (SME) clients, UOB unveiled the $98 million worth of funds raised by its equity crowdfunding partner, OurCrowd.

To recall, UOB tapped Israeli Fintech OurCrowd in March to help small business clients obtain funds through the fintech's equity crowdfunding platform.

According to UOB Head of Group Channels and Digitalisation Janet Young this is a way for the group to help emerging enterprises grow into sustainable businesses.

"We look forward to working closely with OurCrowd to further develop their platform to support the startup ecosystem both in Singapore and the broader Asian market,” she said.

OurCrowd CEO Jon Medved said half of the funding will be invested in the expansion of the fintech's seven global offices and to further develop the technology platform.

"The other half will be used for OurCrowd to invest our own capital alongside the crowd investors into the companies raising funds on the platform. We envision that this new capital will power the next $1 Billion to be invested on OurCrowd.

To date, OurCrowd invested in 100 portfolio companies and funds in its platform, with funds already surpassing $300 million.