Singtel to invest $137.7m more to Singtel Innov8
This will enable Innov8 to expand its portfolio of investments.
Singtel is planning to invest an additional $137.7m (US$100m) in its corporate venture arm, Singtel Innov8, bringing its total capital commitment to around $482.1m (US$350m).
In a statement, Singtel said the additional funding will allow Innov8, which invests in technology start-ups, to expand its portfolio of investments in Southeast Asia, the United States, China, Israel and Australia.
“This capital infusion is meant for identifying and growing innovative start-ups with new technologies and capabilities that are synergistic and in lockstep with Singtel’s strategic reset to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” said Yuen Kuan Moon, Group CEO of Singtel and chairman of Singtel Innov8.
“As we sharpen our business focus, we will recycle our assets and capital into selected growth areas, reshaping our portfolio to better serve our stakeholders and build momentum for the longer term,” he added.
Singtel Innov8 CEO Edgar Hardless said the additional investment, along with the company’s proven approach, “will help drive further investment deal flow and great collaboration with the start-up ecosystem.”
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Since its founding in 2010, Innov8 has invested in over 95 start-ups and has had over 35 exits which include unicorns Arista, Ruckus, Jasper, and Shape.
Aside from investments, it also facilitates access and partnership with business units across Singtel Group’s footprint. It has driven over 350 commercial engagements with start-ups such as BitSight, Silverfort, and Wiz.ai.
Singtel’s corporate venture arm has also partnered with academia and local authorities to help “shapr the broader innovative ecosystem” in the region. This includes the partnership with the National University of Singapore (NUS)and the Media Development Authority in 2011 to co-create the largest start-up hub in Singapore and Southeast Asia, BLOCK71 Singapore, housing up to 1,000 startups.
A BLOCK71 in San Francisco was launched in 2015, as well as the Innovation Cyber Security Ecosystem in 2018, Singapore’s first integrated regional cybersecurity hub, in partnership with NUS, and the Infocomm Media Development Authority and Cyber Security Agency.
US$1 = $1.38