Michael Tegos · · 1 min readSPRING and partners to invest in ‘deep technology’ startups in Singapore
Photo credit: ‘Deep technology’ startups in Singapore have doubled in number from about 2,800 in 2004 to 5,400 in 2014.
The agency claims these sectors are growing rapidly in Singapore. Startups working on such technologies have doubled in number from about 2,800 in 2004 to 5,400 in 2014, according to SPRING.
The incubation and investment partners will offer startups the usual bonuses of mentorship, networking, go-to-market advice, and funding. Some of them will provide only incubation services, others will only invest in startups, and some will do both.
SPRING says its investment arm, SPRING SEEDS Capital, will co-invest in select startups with the partners, matching dollar for dollar for a maximum joint investment of US$3 million in each startup. SPRING’s investment will come out of the US$55 million co-investment fund that was announced during Budget 2015 with this purpose.
Converted from Singapore dollars. US$1 = S$1.37
Editing by Steven Millward and Nadine Freischlad
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