Singapore VC firm iGlobe Partners raises $100m in final close of third fund

Singapore-based venture capital firm iGlobe Partners announced the final close of its iGlobe Platinum Fund III, its new US$100 million fund, anchored by undisclosed investors.

Yoke Sin Chong, managing partner of iGlobe Partners in Singapore / Photo credit: iGlobe Partners

The company will also see two of its portfolio firms exit in the US stock exchange in the next six months, though it did not mention the names of these companies.

The new funds will go into the enhancement of products and services targeted at the development of high-growth areas in smart cities, synthetic biology, and fintech.

According to iGlobe Partners, it will invest about US$500,000 to US$10 million into growth-stage tech startups from the pre-series A to the series C stage over the next three years.

Founded in 1999, the VC firm has managed over US$500 million in funds to date. The company said its 2010 vintage year fund, iGlobe Platinum Fund I, has delivered a 13x capital return with a net internal rate of return of 33%.

“Our picks for smart cities are based on the convergence of deep tech and engineering with verticals that will redefine industries, such as healthcare, logistics, mobility, and robotics,” said Yoke Sin Chong, managing partner of iGlobe Partners in Singapore.

The company is betting on synthetic biology based on the ability of deep tech, biology, and chemistry to create new sustainable materials, food, and therapeutics. Meanwhile, it is looking at fintech business models that will provide access to banking, payments, retail, insurance, and financial services across a large set of users.

The fund has invested in tech companies across Southeast Asia, the US, and the UK, including Matterport, C2i Genomics, NerdWallet, Streetbees, Docquity, and Tonik.