EDBI, the investment arm of Singapore’s Economic Development Board (EDB), announced that its chief executive and president, Chu Swee Yeok, will step down from her role on February 1, 2023. She is slated to establish a new fund, the details of which have yet to be announced.
Paul Ng, who is currently a managing partner at EDBI, is set to succeed Chu.
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Chu joined Singapore’s EDB 36 years ago and became the CEO of EDBI in 2009. In a statement, the firm said that she played an important role in setting up the EDB’s healthcare-related funds and facilitating its investments in the tech sector.
After resigning from her position, Chu will serve as senior adviser to the chair of EDBI.
On the other hand, Ng has been the managing partner of EDBI for 12 years. He was responsible for the firm’s investments in the tech sector, including its backing of portfolio firms in the US and Europe.
See also: These are the most active investors in Singapore’s startups
EDBI is one of the most active investors in the city-state. Some of the recent investments it’s participated in include Tessa Therapeutics’ US$126 million series A round, Beam’s US$93 million series B round, and Funding Societies’ US$294 million series C+ round.
Editing by Miguel Cordon and Jaclyn Tiu
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