Singapore is a great place to live and invest. Singapore consistently ranks as a top place to do business and is an innovation hub. The working population is highly educated and multilingual while the regulatory burden is low. Access to global markets and a pro business government are just a few of the reasons this modern Asian country attracts tech innovators.
Singapore wants its own version of a burgeoning technology sector like San Francisco or Shanghai. One way to encourage entrepreneurs is by giving them grants for ideas, helping them find investors for new business, and encouraging global venture capital firms to set up shop in Singapore. Along with a great list of incubators and accelerator programs, Singapore boasts a number of startup funding opportunities through the government and local VCs. Here a just a few places to look for startup funding in Singapore.
- EVFS Early Stage Venture Funding Scheme, run by the National Research Foundation, it is a program that matches funds raised by a qualifying VC with the intent of seeding a startup. The investment works like a government grant.
- SPRING Seeds Capital is a subsidiary of Singapore government agency SPRING Singapore that co-invests into companies, matching their raises dollar-for-dollar. SPRING Seed Capital has multiple programs, including SPRING Startup Enterprise Development Scheme (SPRING SEEDS) and Business Angels Scheme (BAS).
- ACE Startup Grants is government funded but privately run. The business must be owned by a first time entrepreneur, be able to raise the $21,429 to get the matching 50,000 (7:3 ratio) and pass certain markers for differentiation.
- Technology Enterprise Commercialisation Scheme (TECS) is jointly administered by the Infocomm Development Authority (IDA) and SPRING Singapore. This grant is available to companies registered in Singapore for less than 5 years that clearly demonstrate the science of the product. The cash payout is a two tiered process starting at $250,000 for the Proof of Concept and $500,000 for the Proof of Value.
- Startup Spaze provides mentorship training and seed money from $50,000 to $500,000 with top ups when needed. Accepted entrepreneurs get office perks and network benefits.
- ACP invests in companies that address a need rather than a want. ACP typically invests in the early growth, or pre-A round and supports companies through multiple follow-on rounds. While ACP opportunistically looks at companies around the world, its current fund is focused on Singapore based companies with large global addressable markets.
- Golden Gate Ventures focuses on early stage venture capital funding. They are active across seven countries and specialize in companies that use the internet to “disrupt existing technologies”.
- Crystal Horse Investments looks for technology companies that can scale in one country and subsequently be able to scale regionally. Most investments are in companies in angel or seed stage. Crystal Horse Investment likes to invest in the internet, mobile, and data space.
- Monk’s Hill Ventures is a partnership of seasoned entrepreneurs who have built and backed global companies based both in Silicon Valley and Asia. Monk’s Hill invests in post-seed stage tech startups that will take advantage of the fast growing Southeast Asian markets.
- Wavemaker Partners is an early-stage venture capital firm based in Los Angeles and Singapore. Wavemaker takes a co-investment approach to help startups bridge the “post-angel and pre-venture” gap.
This list is only a short list of some of the top funding options available to entrepreneurs and startups in Singapore. Some are private VC with access to Angel investors, and others are government sponsored programs for startup business. Because the Singapore government is focused on growing as a startup and tech hub in Asia, it continues to offer more incentives and funding opportunities. To find more VC firms, including niche VC firms, review this List of Venture Capital Firms in Singapore, published by Tech in Asia.
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