Singapore government-linked EDBI and Seeds Capital announced a S$285 million (US$205 million) fund to support startups in the city-state and help them sustain their growth amid the Covid-19 pandemic.
EDBI is the corporate investment arm of Singapore’s Economic Development Board, while Seeds Capital is Enterprise Singapore’s funding unit.
“We look forward to working with partner funds to support technology startups so they can continue to execute their growth plans [and] build strategic capabilities in Singapore, continue with their innovation activities and expansion plans to capture new market opportunities,” Swee Yeok Chu, CEO and president of EDBI, said.
The scheme was first announced by Deputy Prime Minister Swee Keat Heng in the budget speech last month. It will end once the funds are fully committed or by October 31, 2021, whichever is earlier.