BANSEA and Singapore’s IIPL in angel pact
By Digital News Asia July 12, 2016
- BANSEA One syndicate investment initiative launched
- To co-invest in seed stage startups in Singapore
BUSINESS Angel Network South-East Asia (BANSEA) said it has entered into a co-investment partnership with Infocomm Investments Pte Ltd (IIPL), targeting seed-stage startups in Singapore.
IIPL is the venture capital arm of the Infocomm Development Authority of Singapore (IDA), managing a US$200-million ICT-focused fund.
Founded in 2001, BANSEA connects angel investors to early stage startups for investment and mentorship opportunities, and also hosts educational conferences, workshops and networking events with other angel groups around the world.
Two years ago, it entered into an agreement with the Malaysian Business Angels Network (MBAN) to work collectively to booth the startup ecosystems in both Malaysia and Singapore.
The partnership with IIPL involves BANSEA One, a syndicated investment initiative launched on June 6 and open to BANSEA executive members, which will invest in scalable, high potential startups, BANSEA said in a statement.
The startups should have a minimum viable product and preferably be incorporated or intend to incorporate in Singapore, it added.
BANSEA One looks to make seed investments of about S$50,000 (about US$37,000) per startup that may be complemented by additional co-investment capital from IIPL’s fund.
“Our startup ecosystem has matured significantly over the years – a few years back, we would have been ‘hunting’ for startups,” said IIPL head Dr Alex Lin.
“Providing seed investment into some of these young companies continues to support their growth not just financially, but more importantly, in our combined resources in networks and mentorship,” he added.
“The formation of BANSEA One encourages members to invest in the ecosystem collectively,” said BANSEA chairman Dr Mark Hon.
“The startups that BANSEA One invests in will get to leverage on the knowledge, skills and broad networks of our members.
“The ability to count on IIPL’s option to co-invest gives us and the companies we support significant and sustainable long term added value,” he added.
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