Terence Lee · · 2 min read4 investment firms just came together to launch seed fund in Singapore
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Four investment firms – Jungle Ventures, Infocomm Investments, Accel Partners, and RNT Associates – have come together to launch a seed stage venture capital firm in Singapore.
Called SeedPlus, it reportedly has a fund size of US$20 million, though the firm tells Tech in Asia that the actual size is still being finalized. It’ll invest US$500,000 to US$1 million per startup.
Jungle and Infocomm are Singapore-based VC firms, though the latter has morphed into a sort of fund-of-funds for accelerator programs in the country.
RNT Associates is the personal investment vehicle for Ratan Tata, the former chairman of India’s largest conglomerate, Tata Group. Meanwhile, Accel is a global VC fund which has backed companies like Facebook, Dropbox, and Slack.
SeedPlus has three operating partners, Michael Smith, who was chief product officer at streaming service HOOQ, Gabriel Lundberg, product manager at Spotify, and Tiang Lim Foo, who led Evernote’s business development in Asia Pacific. We previously reported that they joined Jungle Ventures.
Operating partners are essentially people in VC firms who focus on increasing the value of portfolio companies using their knowledge and experiences.
The fund will hunt for promising startups among startup accelerators in the region. “SeedPlus is focusing on investing in companies that are targeting large addressable markets and have the ability expand globally,” it said.
Google and PwC have come on board as strategic partners.
Editing by Steven Millward
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