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Jaclyn Tiu · · 1 min readNew $100m fund launches in Singapore to invest in smart cities
Photo credit: Vasin Leenanuruksa
Singapore-based GBCI Ventures has raised US$100 million for a smart-city development fund focusing on investments in technologies like artificial intelligence, robotics, big data, internet of things, and virtual reality.
It aims to support early- to late-stage startups through mentorship, finances, and access to technology, and will facilitate strategic alliances through mergers and acquisitions. Its focus will be on emerging markets like Myanmar, Cambodia, Thailand, the Philippines, and Laos.
According to GBCI CEO Douglas Gan, the amount was raised from corporates, family offices, and high-net-worth investors.
Founded in 2018, GBCI is a venture capital firm that focuses on smart-city development through AI and other innovative technologies. It’s currently in investment discussions with over 50 startups in a range of industries like fintech, real estate, transportation, supply chain, and renewable energy.
“Our vision is to empower companies that can contribute to the development and building of sustainable smart cities for future generations,” says Gan.
A serial entrepreneur, Gan has started several ventures including investment firm iFashion Group, fiat-crypto exchange EurekaPro, and beauty app Vanitee. He and his current GBCI co-founder Changjin Lee had also previously worked together to co-found ShowNearby, a location-based mobile app that shows users information about nearby points of interest.
Moving forward, Gan will focus his efforts on GBCI and smart-city solutions.
Editing by Terence Lee and Charmaine de Lazo
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