The S$285 million SSFS is in addition to the S$300 million set aside in the Unity Budget, under the Startup SG Equity scheme to help deep-tech startups gain better access to capital, expertise and industry networks.
EDBI will focus on late-stage startups with larger funding needs and wider employment base while SEEDS Capital will focus on early-stage startups. "We look forward to working with partner funds to support technology startups so that they can continue to execute on their growth plans to build strategic capabilities in Singapore, continue with their innovation activities and expansion plans to capture new market opportunities," Ms Chu added.
The startups should also possess strategic capabilities such as technology and innovation competencies and/or sustainable competitive advantages, according to the joint statement.
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