More money for entrepreneurs in Singapore! The National Research Foundation (NRF) has just selected eight additional incubators for its Technology Incubation Scheme (TIS), we learned just hours ago.
The eight incubators are Get2Volume, Golden Gate Venture Investments, Incuvest, Jungle Ventures, Red Dot Ventures, The Biofactory, The Network Fund (TNF), and WaveMaker Labs.
Under TIS, NRF will provide co-funding up to 85 percent of total investment for each company (or a maximum of S$500,000 per investment). The partnering VC will provide the rest of the investment. NRF also offers a buyout option for its share in the invested company to be bought out, at a price of 1.1 times capital in the first 2 years, and 1.15 times capital in the third year. But only Singapore-based startups can enjoy funding under the TIS.
Here is some info on the VCs and incubators from NRF. They have the money, so go ahead and flood them with your proposals .
Get2Volume Accelerator focuses on innovative semiconductor and microelectronics emerging growth companies. Successful semiconductor and microelectronics companies are global from day one. Get2Volume brings global capabilities, capital, and connections to enable emerging growth company success.
Golden Gate Ventures (GGV) is an early stage incubator based in Singapore helping internet startups build and launch successful companies across Southeast Asia. GGV’s founding partners share a rich background building successful Silicon Valley startups and managing investments in Silicon Valley and Asia.
IncuVest is a unique group of serial and corporate entrepreneurs, led by Natasha Foong and Ronnie Wee. IncuVest has experience starting, building, operating and creating valuable companies.
Jungle Ventures is a Singapore native venture capital firm. Jungle makes seed to early Series A investments across Asia Pacific and also operates an early stage accelerator in Singapore.
Red Dot Ventures is an early stage technology incubator founded by Leslie Loh, an accomplished serial entrepreneur in Singapore.
The Biofactory, a biomedical incubator located at Singapore Polytechnic, aims to create successful biomedical product companies from Singapore-developed technologies.
The Network Fund (TNF) is founded by a group of high profile ICT industry veterans who brings extensive experience in founding and mentoring startups, have guided and helped companies in business strategy execution, go-to-market, trade sales and even IPO. The founders of TNF are mainly Singaporeans; half of them based in Singapore and the other in China.
WaveMaker Labs will incubate digital media, technology and technology-enabled services start-ups that will use Singapore as a launch pad to address markets across Southeast Asia, India and North America.
We’re really sorry about the acronym overload in this report. Hope you like alphabet soup! ↩