In response to the growing number of high-growth businesses setting up and growing across Europe, an Asian venture capital firm has decided to produce a targeted offering.
Singapore-based Infocomm Investments has picked London as the home of its new fund, and will now begin to partner with accelerators in an effort to cultivate a UK and European network.
Tan comments, ‘I am excited about this opportunity to bridge the tech building community and entrepreneurs in London and Singapore with the knowledge, capabilities and connections to access each other’s markets.
‘Our partnership with Startupbootcamp FinTech is the first step of the journey, and I look forward to working closely with all stakeholders in the London ecosystem to build start-ups that are able to scale in both Europe and Asia.’
More on recent fund launches:
- Scaling up, not starting up, at heart of new Seedcamp fund
- MMC Ventures launches new fund aimed at young generation
- Index Ventures endorses growing Euro tech scene with new fund
Going forward, Infocomm plans to identify and co-invest in ‘high growth, innovation-driven technology start-ups’ that are planning to expand in the Asian markets. It views London and Singapore as similar cities due to both possessing strong financial sectors, lots of new business, great infrastructure and the fact that each is a gateway to much bigger markets.
Initially co-investments of between $1 million and $5 million will be made, with Infocomm partnering with other investors and funding global expansion.
Steve Leonard, chairman of Infocomm and executive deputy chairman of Infocomm Development Authority, adds, ‘There are many smart cities around the world, but Singapore is building itself into a smart nation.
‘This means we want to use exciting new technologies to better serve citizens of all ages and companies of all sizes. London is a cool city with lots of hot start-ups. We know that by being in London, we can both learn from – and contribute to – the ecosystems in both places.’
The investment by Infocomm into Startupbootcamp FinTech will reportedly give the firm an opportunity to land its ‘successful’ FinTech London accelerator programme in Singapore.
Infocomm Investments is the investment arm of the Infocomm Development Authority. Established some 15 years ago to support new businesses in Singapore, it then expanded by opening an office in Silicon Valley five years ago.