Blue chips, meet startups: CapitaLand, Wilmar clinch $20m venture capital funds

Two other firms also received $10m each.

Two blue chip companies have been awarded venture capital funds worth $10 million each which will be used to invest in tech startups.

The funds were awarded by the National Research Foundation (NRF) under the third installment of the Early Stage Venture Fund programme. Two other large local enterprises—DeClout and YCH Group—also received $10m in funds.

The fund aims to encourage firms to source for innovative technologies and business models as part of their overall corporate strategy, and in the process improve their innovation capacity.

CapitaLand is on the lookout for startups involved in design and construction, operations and maintenance, sales and leasing, customer engagement, to workplace productivity and smart living solutions.

Wilmar, on the other hand, is focused on technologies which have the potential to cause a wide disruptive impact on agriculture, food, human and animal health, and industrial biotechnology

DeClout is interested in startups involved in big data analytics, smart logistics, cyber security and financial technology, while YCH Group is focused on new logistics players which can revolutionise the supply chain industry.