IDA unveils $268m fund for tech startups

It has also opened an office in San Francisco.

For tech startups, finding funds no longer has to be as arduous as searching for a pot of gold at the end of the rainbow. The Infocomm Development Authority of Singapore today unveiled a $268m (US$200m) fund for US tech startups.

The fund’s launch coincided with the opening of the San Francisco office of Infocomm Investments Pte Ltd, IDA’s investment arm.

“Singapore is building itself into a Smart Nation. Part of our plan in doing so is to actively engage the global tech community in our Smart Nation vision and encourage collaboration with leading tech ecosystems across the world. Young, innovative tech entrepreneurs and startups can help tackle some of the most pressing challenges facing growing cities and nations today, brought about by the inevitable trends of ageing population and urban density. Especially in areas ranging from healthcare using IOT at homes to environmental sustainability through better use of energy resources, global tech builders can use Singapore as their Living Lab to pilot some of their innovations,” said Steve Leonard, Executive Deputy Chairman of the IDA.

The new IIPL office is part of “Block 71 San Francisco”, an initiative shared with NUS Enterprise and SingTel Innov8.

Block 71 San Francisco gives opportunities for US-based entrepreneurs, companies and investors to find out more about Singapore and other emerging trends and business opportunities in the huge and growing Asian markets.

Singapore-based tech companies with interest to expand into the US market can leverage this facility to better understand the market, ‘set up shop’ and expand their network into the US tech community.