S$216m funds raised for startups: EDBI, SEEDS Capital

This is under the Special Situation Fund for Startups investment scheme.

A total of S$216m has been raised for the fundraising by 25 technology startups through the Special Situation Fund for Startups, according to Economic Development Board investment arm (EDBI) and Enterprise Singapore investment body, SEEDS Capital.

More than half of the total funds raised were from private investors, they said.

Under the investment scheme, EDBI and SEEDS Capital may co-invest with investors from the private sector in selected startups to help them with their “innovative and strategic capabilities that can contribute to Singapore’s national priorities.”

“The SSFS co-investments have provided timely support during the pandemic, enabling these high-growth homegrown companies to continue building key technology and innovation capabilities and advancing their regional market expansion efforts,” EDBI CEO and President Chu Swee Yeok said.

The 25 Singapore-based startups come from various sectors such as e-commerce, edtech, enterprise technology, fintech, healthcare, and tourism and account for over 1,200 jobs, they said.

The investment scheme was introduced in June 2020 “to catalyse investments into high-potential startups to help them sustain their growth momentum, as startups doing well pre-COVID-19 may face cash flow or fundraising difficulties in a more challenging financing climate.”

“The startups we have invested in offering advanced technology and digital solutions in areas such as robotics and artificial intelligence (AI), which are being applied across different sectors to resolve complex challenges. Many of the founders we met are ambitious to grow and scale globally. We hope that our support can provide them with added boost to accelerate their development,” Ted Tan, chairman of SEEDS Capital and deputy CEO of Enterprise Singapore, said.

EDBI has invested in some startups such as AI tools provider TAIGER and biotech company ImmunoEscape, while SEEDS Capital invested in payment platform CardUp and impress.ai which specialises in enterprise recruitment solutions.

The SSFS support will end when funds are achieved or by 31 October, whichever is earlier, EDBI and SEEDS Capital said.

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