IDA's VC arm launches in London, makes first investment
By Digital News Asia October 22, 2014
- Allows Singapore- and London-based tech startups to access each other’s markets
- Investment in Startupbootcamp FinTech will let it bring latter’s accelerator to Singapore
INFOCOMM Investments Pte Ltd, the venture capital arm of the Infocomm Development Authority of Singapore (IDA), has launched in London, saying it would provide a bridge for Singapore- and London-based tech startups to access each other’s markets.
Infocomm Investments also announced the fund’s first investment in Europe, into fintech (financial services technology) accelerator Startupbootcamp FinTech.
“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,” said Infocomm Investments chairman and IDA executive deputy chairman Steve Leonard.
“London is a cool city with lots of hot startups. We know that by being in London, we can both learn from – and contribute to – the ecosystems in both places,” he said at the recent launch event at UK’s Tech City, where invited guests included investors, venture capitalists, entrepreneurs and members of the UK and Singapore technology community.
Infocomm Investments’ strategic investment into Startupbootcamp FinTech will give it the opportunity to land its successful FinTech London accelerator programme in Singapore, Infocomm Investments said in a statement.
With a global pool of over 750 mentors who provide value through coaching and unique connections to customers, partners and investors, Startupbootcamp FinTech will play an integral role in building a strong pipeline of highly innovative and scalable fintech startups in Singapore.
Infocomm Investments will also offer Asian market-centric mentoring for London-based tech startups under Startupbootcamp FinTech’s extensive portfolio.
“We are very honoured to be the first investment of Infocomm Investments in Europe,” said Startupbootcamp FinTech cofounder Carsten Kølbek.
“We value the unique Asian market expertise that Infocomm Investments brings to our FinTech London programme.
“There is a clear upward trend in the quality and innovation level of fintech startups across Asia over the past year, in tandem with the growing global demand for new financial services innovation.
“We look forward to riding this wave and bringing our success in building great fintech startups to Asia,” he added.
With its new presence in London, Infocomm Investments is looking to partner with accelerators to grow its network within the United Kingdom and Europe, and to co-invest with other leading venture capitalists in high growth, innovation-driven tech startups.
Plugging right in the centre of the London ecosystem will allow the firm to listen, learn and understand the needs of the London technology community and help provide access for Singapore-based tech startups to Europe through London and London-based tech startups to Asia through Singapore, it said in its statement.
US$4mil ‘richer,’ iMoney now ready for next phase
Exciting days ahead for fintech startup Loanstreet
KL-born Nova Founders gets US$50mil from HK's Pacific Century Group
Entrepreneur Fearon to focus on JF2, hands Gilcrux reins over to COO
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.