SINGAPORE - Listed company DeClout and its subsidiaries, a global builder of next-generation technology companies, announced on Tuesday (May 17) that it had been awarded a S$10-million venture capital fund by the National Research Foundation (NRF).
This is the third instalment of NRF's Early Stage Venture Fund and DeClout is one of the four large local enterprises along with CapitaLand, Wilmar International and YCH Group to be selected by NRF.
The scheme involves NRF committing S$10 million per fund, on a matching basis, to invest in technology start-ups based in Singapore.
This aims to encourage the large firms such as DeClout to engage in corporate venturing to source for innovative technologies and business models as part of their overall corporate strategy, and in the process improve their innovation capacity.
The NRF fund also enables start-ups to scale-up by using the larger firms' mentorship, resources and networks.
Under the fund, Singapore Exchange Catalist-listed DeClout's investment focus will be on disruptive start-ups in digital economy, including big data analytics, smart logistics, cyber security and financial technology (fintech).
Mr Lim Swee Yong, head of corporate office, DeClout, said: "It's a tremendous opportunity and privilege to be selected as a co-investor in the (fund) along with the NRF. We believe that (the fund) will allow DeClout to play an important enabling role in assisting early-stage tech companies in the digital economy space.
"With our proven management expertise and ecosystem reach, we look forward to incubating the next generation of tech start-ups that will put Singapore on the world map of emerging technologies."