The National Research Foundation is pumping S$60 million into six venture capital funds for Singapore-based high-tech start-ups.
The money will be distributed equally among the funds.
The six funds are Walden International, Golden Gate Ventures, SBI Ven Capital, Jungle Ventures, New Asia Investments and Monk’s Hill Ventures.
The investment is matched dollar for dollar by other investors among the six funds, making it a total pool of S$120 million.
Tech start-ups in Singapore can potentially tap the money to grow their companies.
Professor Low Teck Seng, chief executive officer at National Research Foundation, said: “We’ve been very successful in incubating companies through our incubator scheme and the other schemes that we have.
“As they grow, there’s a need for them to have access to capital. And we want to be able to encourage, you know, venture companies to look at Singapore-based companies, Singapore home-grown companies, to invest in them, to move them along the value-chain to become bigger companies.”
This batch of funding is the second, following the S$50 million invested by the National Research Foundation in 2008 under its Early Stage Venture Fund scheme.