According to the agency, the partners will identify and co-invest in Singapore-based deep tech startups that are specializing in advanced manufacturing and engineering, health and biomedical sciences, and urban solutions and sustainability. SSC states that the amount that has been allocated will be matched by private capital raised by these partners.
Spring claims that with the new co-investment partners, it will support smart financing options for early-stage startups in the area of deep-tech since startups sometimes need a longer runway for development and commercialization. Besides funding support, these partners will also be taking a hands-on approach in helping early-stage startups fast-track commercialisation through mentorship and connect them to potential clients through their networks.
According to the company, this call for partners (CFP) is open to local and foreign parties with operations based in Singapore. All those who will apply will need to demonstrate financial commitment, resources, domain expertise and experience to nurture Singapore-based innovative startups.
They will be selected based on criteria including the capability and experience of the team, adequacy of facilities and resources, and fund management processes and must also have a strong track record of nurturing and investing in early-stage tech startups and access to investment capital and follow-on investors, states SSC.
This call for partners is an initiative under Startup SG Equity. Spring claims to have enhanced funding support under this scheme by increasing the funding ratio of government co-investment for early-stage startups and existing investment caps for promising startups in deep tech sectors to activate more investment from the private sector in deep tech areas.
“With the support of our partners, we will co-invest in Singapore-based startups that are innovative and capable of scaling up across global markets. These partners will accelerate their growth and multiply the impact of our continuous efforts to groom more successful startups in emerging and deep technology sectors,” said Ted Tan, Chairman, Spring Seeds Capital and Deputy Chief Executive, SPRING Singapore.
