Untangling Temasek’s web of influence on tech startups

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Hi readers,

It seems like fresh news and more memes on the FTX saga pop up every day. While the memes are funny, what’s not is Sequoia Capital apologizing to investors for putting money into the bankrupt crypto exchange.

Another investment giant that has received a lot of heat for its investment in FTX is Singapore state-owned firm Temasek. Last week it, too, marked down its investment in the troubled crypto firm to US$0.

But while several questions have been raised in Singapore’s parliament about Temasek and its investments, I tried to look into what the company actually does. Needless to say, I found that it is so much more than just another VC firm.

Temasek’s influence in the tech startup ecosystem is far-reaching, as it builds its own startups. In about two years, the company has launched 12 firms of its own, and the total number of businesses under its belt has grown to 29 companies. It also launched its own venture building arm called Manyala this year and plans to build even more firms moving forward.

This makes sense, as Temasek gets more control and transparency over the companies that it launches and helps it make sure that its investments are in safe hands.

While there will still be many questions regarding Temasek, I hope this premium piece helped answer a few.

— Collin Furtado, journalist at Tech in Asia

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