$100 million fund for innovative start-ups in Singapore
Start-ups will have a $100 million pool to tap on for product development and commercialisation, announced Deputy Prime Minister Teo Chee Hean as he opened TechVenture 2013 on Wednesday.
The move will address a lack of early-stage funding here and in the region.
The Government will inject $50 million to kickstart such financing. The National Research Foundation (NRF) which will manage the fund will partner leading venture capital firms to invest in early stage technology companies. Through a one-to-one co-investment approach, the fund will come to $100 million.
"Start-ups have to try very hard to get the attention of VCs from other parts of the world in order to secure funding," said Mr Teo who also chairs the NRF.