EDBI

Establishment of EDBI’s new Growth IPO Fund – Boosting Equity Financing for High-Growth Enterprises

EDBI and SEEDS Capital facilitate and support fundraising of over S$200 million by 25 technology startups through the Special Situation Fund for Startups

2020 was a watershed year for Southeast Asia’s automotive sales. During the pandemic, more people considered buying personal vehicles as a safer option to get around. Concurrently, more consumers were interested in purchasing used vehicles as value-for-money options and doing so through online platforms.

The Startup SG Equity (SSG-E) scheme aims to stimulate private sector investments into innovative and commercially viable Singapore-based technology startups with global market potential. The scheme was enhanced in 2020 to catalyze more private sector investments into Singapore-based Deep Technology startups, and introduced a fund-of-funds modality to attract global venture capital funds with experience in Deep Technology investments.

The SSFS is a time limited scheme to support early- to late-stage promising startups from diverse sectors via convertible note, which may have developed innovations and technologies that can contribute to Singapore’s national priorities (such as those in the Industry Transformation Map sectors, or those creating good jobs for our population). Applicants will be assessed on a case-by-case basis.

EDBI, the corporate investment arm of Economic Development Board, and SEEDS Capital, the investment arm of Enterprise Singapore, will administer the S$285 million Special Situation Fund for Startups (SSFS) to provide financing support for promising startups based in Singapore.