SINGAPORE – Singapore will invest another $440 million to attract more venture capital firms to invest in local deep tech start-ups.
To support the development of more early to early-growth-stage deep tech start-ups, the cap on total government equity has also been increased from $8 million to $12 million for each start-up, said Deputy Prime Minister Heng Swee Keat on Oct 28. DPM Heng also noted that the Monetary Authority of Singapore has already formed a review group to strengthen the local equities market and provide an additional source of capital for start-ups.
The initiative is jointly led by Enterprise Singapore and EDB, with the Action Community for Entrepreneurship as the appointed operator. It will also be supported by JTC Corporation, with green lane arrangements to facilitate the set-up of Stage One’s foreign start-ups at JTC’s Launchpad. “This physical centre will bring innovators and community builders to spark connections and help new players join the ecosystem,” DPM Heng said.
Enterprise Singapore will partner with Dutch start-up accelerator Startupbootcamp to run the 12-week GIA acceleration programme in Amsterdam, offering Singapore-based tech start-ups a series of virtual masterclasses and coaching sessions to build market knowledge and refine entry strategies. Dr Mark Lim, founder and chief executive of space tech start-up Aliena, told The Straits Times that the $440 million funding top-up will be beneficial for deep tech start-ups. His firm recently closed a funding round under the Startup SG Equity scheme, where it raised $7.42 million from investors including Seeds Capital and venture capital firm Wavemaker Partners.
Through these challenges, large corporations will identify problem statements in areas such as artificial intelligence , sustainability and advanced manufacturing, and local start-ups and small and medium-sized enterprises can apply to address these challenges and scale their solutions.