Vertex Ventures Southeast Asia and India has closed its fifth and newest fund with commitments of US$541 million, exceeding its original target of US$450 million.

Vertex Ventures Southeast Asia and India Fund V (VVSEAI Fund V) is backed by existing and new LPs, including sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. Japan Investment Corporation, International Finance Corporation (IFC) and DEG (German Development Finance Institution) are some of its LPs.

The fund corpus includes a dedicated co-investment envelope of US$50 million for co-investing alongside the main fund in female-founded startups. More than 35 per cent of the startups in VVSEAI Fund IV have at least one female founder, and this envelope will be used to further the fund’s intention of supporting more women entrepreneurs.

The final close comes on the heels of Vertex Ventures’s exits from Grab, FirstCry, XPressBees, and Recko.

Also Read: ‘SEA needs to grow together and produce more quality unicorns’: Vertex Ventures’s Carmen Yuen

Vertex Ventures Southeast Asia and India invests in high-growth startups seeking their early round of institutional funding, with a primary focus on Singapore, India, Indonesia, Thailand, Vietnam, Malaysia and other emerging hubs across the region.

Since its launch, the VC firm has made more than 80 investments. It will continue investing in early-stage technology and technology-enabled companies in sectors such as enterprise technology, fintech, consumer internet, digital health, sustainability, mobility, etc.

Vertex Ventures has eight investing partners with 22 investing staff across its offices in Singapore, Bangalore, Jakarta, Bangkok, Ho Chi Minh and Gurgaon.

VVSEAI is one of six major funds in Vertex’s global network of VC funds. Each of these funds focuses on its respective region and industry specialisation and is independently managed. They raise the majority of their funds from global investors, with Vertex Holdings as the anchor investor.

Vertex Holdings is a wholly-owned subsidiary of Temasek Holdings.

—

Image Credit: Vertex Ventures Southeast Asia and India

The post Vertex Ventures SEA & India hits final close of Fund V at US$541M appeared first on e27.

Leading the ecosystem in providing innovative and bespoke solutions to engage the community is e27. With e27’s deep network and program management expertise, brands have leveraged e27’s community to help them achieve their programs and business goals.

Previous projects include The BIG LEAP with Clevertap, SAFE STEPS Disaster Tech Awards with JETRO, and the Community Accelerator Program with Meta, among others. These bespoke programs have brought together crucial innovation stakeholders in the ecosystem, engaging with these organisations to elevate discussions on certain matters, highlight key aspects of the industries, and provide opportunities to the rest of the ecosystem.

Also read: Revamped Advertise page: Clearer value messaging, impact metrics, new partners, testimonials, and project showcase

Here are the updates to e27’s Innovate page

Clearer value messaging

To explain Innovate in an easy-to-understand manner, we have highlighted e27’s value-add that it can bring to an organisation’s project or goal through visuals and straight-to-the-point descriptions. A carousel of its previous clients is also showcased.

e27’s ecosystem engagement reach

We’ve helped clients reach new horizons around the region. e27’s deep network and engaged community open doors to new opportunities and markets for organisations we work with. To showcase these, we have revamped the way we present e27’s reach with an easy-to-understand visual representation of e27’s reach.

Highlighting previous projects

To help organisations visualise potential solutions that they can co-create with e27, we have showcased our previous projects in cards filled with descriptions of what was delivered and the impact they have created.

Testimonials and partners showcase

e27 is proud to present its previous partnerships with organisations that have trusted their programs with e27’s expertise and network to achieve their goals. Read what our partners have to say about these programs in this section.

Work with e27

Leverage e27‘s community, deep network, and program management expertise to provide customized innovation and bespoke solutions to help you achieve your program and business goals.

Learn more about Innovate here.

The post Revamped Innovate page: Innovation opportunities, impact, solutions, and partnerships appeared first on e27.

Recycling and reusing industrial wastewater is an important aspect of water conservation, but it comes with various unique challenges. The industrial wastewater itself is highly polluted; there is also a problem with the existing treatment methods, which often involve heavy use of chemicals and are energy-intensive. Apart from that, these conventional methods also generate secondary toxic sludge.

“The challenge for industrial wastewater treatment is that it needs to be tailored to respective industries, varying water qualities and unique customer problems, thereby requiring in-depth expertise, market knowledge and experience,” explains Hydroleap Founder and CEO Mohammad (Moh) Sherafatmand in an email to e27.

This is where Hydroleap comes in with its industrial wastewater treatment solutions.

“Our solutions are helping water-intensive industries move away from chemical and energy-intensive processes. Instead, utilising advanced electrochemical technologies to enhance purification performance and water quality without any need for chemicals or high energy,” he says.

He further explains that the Hydroleap solution is based on advanced electrochemical technologies such as Electrocoagulation (HL-EC) and Electrooxidation (HL-EO), which present a shift from traditional chemical-based and energy-intensive methods.

Also Read: How Third Derivative assesses the impact of a potential climate tech investment

This leads to an enhanced operational outcome, financial savings and environmental benefit.

“These can reduce up to 95 per cent of pollutants in industrial wastewater. Due to automation, modularity and high treatment capabilities, we manage to reduce man-hours by up to 95 per cent and cost of ownership by 30 per cent for industries,” the CEO says.

Capturing the audience

Sherafatmand explains that Hydroleap serves a diverse array of customers, spanning public organisations, government enterprises, and private sector entities across various industries. Some of its key commercial clients include significant players in the food and beverage industry, cooling towers, and data centres.

“We work with Universal Robina, one of the largest branded consumer food and beverage product companies in the Philippines; CapitaLand, one of biggest developers in Asia; one of the blue-chip companies (data centres) and Shanaya, a local recycling company in environmental services,” he shares.

The CEO states that a three-pronged approach underpins the company’s acquisition strategy.

“Firstly, we leverage our lab intelligence and skill to offer unique solutions that address traditional issues like ineffective water impurity removal and high energy requirements. Secondly, we concentrate on industrial sectors, which are a significant consumer of water, often more so than domestic use,” he says.

“Thirdly, we build solid collaborative relationships with the regional water ecosystem. For example, we have been working closely with the Public Utilities Board, Singapore’s Water Agency, over the past few years on a desalination project which has resulted in 40 per cent fouling reduction on the membrane systems.”

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

For Hydroleap, while this project’s primary objective is securing a sustainable freshwater supply for Singapore in the face of rising sea levels and climate change, it is also an avenue for the company to enhance operational efficiency with its proprietary electrical technology.

“Lastly, with the ESG spotlight becoming brighter, water-intensive industries are looking for environmentally friendly ways to manage water and wastewater treatments.”

The company offers its solutions through two business models: Lease and capex.

Coming up with the solutions

When asked about how Hydroleap builds wastewater treatment solutions, Sherafatmand explains that the company started off early stage development of its technology by resolving “some of the well-known challenges in the electrochemical world” such as corrosion and high power consumption.

“Once we found solutions to those, we began building pilot and bigger systems to test the reliability and consistency of the technology,” the CEO says.

“Our technology has been a continuous effort and always work in progress to bring new innovations and features to firstly, solve more challenges and also build a clear competitive edge for Hydroleap.”

Currently, Hydroleap says that it has a “strong” dataset and knowledge of some of the industries that help it develop a reliable solution in a short time. For verticals that the company has less experience in, Hydroleap approaches it by looking on a case-by-case basis.

Also Read: TRIREC Partner Mike Lim: Interest in climate tech investments remains buoyant despite challenges

“We usually begin by assessing water quality which involves lab-scale experiments on water samples provided. After this we determine how our technologies can treat it by running electrochemical treatment processes under controlled conditions. While doing so, there are various assessment parameters and considerations, such as flow rate, discharge limit, and reuse requirements of the customer,” Sherafatmand says.

“We are continuing to innovate to advance and apply these technologies to more industries, for example, the palm oil industry that generates highly polluted Palm Oil Mill Effluent (POME). There is a huge potential to build on current solutions to make them smarter and intuitive, apart from improving water purification efficiencies.”

On the way to make a difference

In order to make its ambition come true, Hydroleap is currently expanding its team from 15 to 20 within the upcoming months.

Following a US$2.4 million funding round in 2019 that helped the company build the foundation of its solutions development and initial operations, Hydroleap has raised a US$4.4 million Series A funding round this year.

“We plan to scale up our capabilities and make headway into new markets such as Australia, Japan, and Indonesia over the next two years. Our focus is on supporting businesses across various industries – including data centres, F&B, mining, and manufacturing – with best practices for wastewater treatments and management,” Sherafatmand says.

“We will strengthen and build a strong world-class R&D and operation teams in Singapore and Australia. This involves establishing Hydroleap’s manufacturing and R&D presence in Victoria in the time to come.”

Also Read: What is left behind in our conversation on climate change

Apart from that, Hydroleap is looking to set foot in a new vertical for POME.

“[It] poses one of the most challenging problems to the wastewater treatment industry due to its adverse effect on the environment and high degree of oil and organic content,” Sherafatmand closes.

—

Image Credit: Hydroleap

The post Hydroleap revolutionises wastewater treatment, leading industries into a sustainable future appeared first on e27.

The Nanyang Technological University, Singapore (NTU Singapore), the National University of Singapore (NUS), and Temasek have launched a joint S$75 (US$55) million pilot programme to accelerate the creation of successful deep-tech startups from the pipeline of research at NTU and NUS.

Temasek will invest S$65 (US$48) million, mostly through its early-stage deep-tech investing platform Xora Innovation, in deeptech startups, while NTU and NUS will each invest S$5 million.

Temasek and Xora will collaborate with NTU and NUS to launch and build globally competitive ventures with strong potential to address large global market opportunities in energy transition, biotechnology, and the future of computing and cognition.

Also Read: Singapore’s seed and early fundings in Aug 2023 drop 30 per cent from July: Tracxn report

In addition, the two universities will develop a common Intellectual Property (IP) licensing framework, which will expedite the licensing and translation of university technologies for spin-off companies. The outcome will be a shorter process of one month instead of the usual period, which can take up to five months.

Xora’s team of deep tech founders will collaborate with the IP and technical teams from the universities to develop and hone their go-to-market strategies.

NTU and NUS will also develop a unified online platform to provide potential licensors with a one-stop shop to identify and select IPs from both universities that align with their business requirements.

Furthermore, Temasek, NTU, and NUS will also provide the startups access to their networks of businesses and mentors. At least two startups will be launched annually and provided entrepreneurial mentorship, funding, and support to position them for long-term global success.

—

The image used in this article is AI-generated.

The post Temasek, NUS, NTU to invest US$55M in deeptech startups in Singapore appeared first on e27.

As the third largest motorcycle country in the world, Indonesia is ambitious with its e-motorcycle adoption target of 13.5 million by 2030. But this number is not unrealistic. Within the last two years, according to a white paper on electric vehicles (EVs) by Deloitte, the market has seen a 15.4 times increase in e-motorcycle ownership.

In 2022, there were already 25,782 e-motorcycles in Indonesia, with more than 1,500 swapping stations available per Q1 2023. However, this does not mean that the journey into e-motorcycle adoption is not without barriers.

There are three barriers to adoption for Indonesian consumers:

1. Inadequate energy distribution infrastructure, such as charging station availability, range anxiety, and charging duration, are hindering consumers from shifting to e-motorcycles.

2. Expensive price of the EV. According to the white paper, approximately 56.77 per cent of electric motorcycles are sold with upfront battery cost (charging model), which results in spiking prices for customers.

3. Reliability and performance of the current products. With motorcycles being the primary mode of transportation and a source of income for low to middle-income families, performance factors such as driving range, charging duration, and speed result in hesitation towards trusting e-motorcycles.

Also Read: Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles

The following table gives an explanation of the factors that affect consumers’ decisions:

Battery swapping is the way to go

Indonesia’s e-motorcycle industry showcases a US$19.2 billion opportunity from both the manufacturers and energy distribution standpoint, according to Deloitte.

The current e-motorcycle industry is dominated by startups that raised equity and debt financing from institutional investors such as venture capitalists and private equities, especially as OEM players deploy a “wait and see” approach to EVs.

Also Read: SLEEK EV secures funding from ORZON Ventures to advance affordable electric mobility in SEA

The report also stated that the battery-swapping model of e-motorcycles, as opposed to the charging model, has proven its compatibility in the market. Of the 25,782 e-motorcycles on the road, the battery-swapping model accounts for 43.23 per cent.

There are several benefits that might have drawn customers to the battery-swapping model, including the 10-second lag time to switch batteries (as opposed to the three or four hours with battery charging).

In order to help consumers switch to e-motorcycles, there are several forms of support that the government is providing. For example, since 2019, the Indonesian government has continually imposed regulations to incentivise consumers, reduce manufacturing costs, and accelerate infrastructures for electric two-wheelers to achieve its targets by 2030.

The subsidies to promote procurement include sales subsidies totalling ~US$455.8 million, which will be deployed in 2024, with combustion conversion subsidies amounting to US$339/unit to cover the conversion cost for electrical engines.

—

Image Credit: RunwayML

The post E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity appeared first on e27.

Hong Kong-based open metaverse company Animoca Brands has secured US$20 million in a round led by CMCC Global.

Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors of Koda Capital, and others also joined the round.

Animoca Brands’s Executive Chairman and Co-Founder, Yat Siu, also participated.

The new capital will be used to advance the company’s Mocaverse project, including product development, facilitating Web3 adoption, and securing partnerships to expand its portfolio’s gaming, culture and entertainment ecosystem.

Also Read: Animoca Brands to acquire MotoGP developer WePlay Media

Mocaverse is building Web3-native tooling to empower products in gaming, culture, and entertainment verticals. This allows users to create their own digital identity, accrue reputation, earn and spend loyalty points and use their digital identity to access the Mocaverse ecosystem, seeded by Animoca Brands’s 450-plus portfolio companies and partner network with over 700 million addressable users.

Mocaverse will soon launch Moca ID, a non-transferrable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem. Moca ID holders can access Mocaverse ecosystem experiences and earn loyalty points through active engagement.

These loyalty points will power a permissionless and interoperable loyalty system that will be progressively decentralised to enable third-party adoption and integration of Moca ID to advance the accessibility and growth of Web3.

“The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem. In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations,” Siu said.

Also Read: Animoca Brands acquires US-based music metaverse company Pixelynx

Animoca Brands develops and publishes a broad portfolio of products, including original games such as The Sandbox, Phantom Galaxies, Life Beyond, Crazy Kings, and Crazy Defense Heroes, and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Life Beyond Studios, Notre Game, TinyTap, Be., PIXELYNX, and WePlay Media.

In September 2022, Animoca Brands secured US$125 million from investors, including Boyu Capital, Singapore’s Sovereign Wealth Fund Temasek and GGV Capital. Singapore-based Web3 investor True Global Ventures 4 Plus Fund and its follow-on fund TGV 4 Plus FoF also joined with a US$17.2 million convertible note investment. 

—

Image Credit: Animoca Brands.

The post Animoca Brands nets US$20M in new round for its ‘Mocaverse’ project appeared first on e27.

Indonesian edutech startup Cakap recently announced that it has recorded “robust performance”, with its revenue doubling in the second quarter of 2023 compared to the same period last year (YoY), a positive outcome that the company said has been consistent since 2020.

According to Cakap CFO Jonathan Dharmasoeka, the company experiences robust growth from all segments, recording positive EBITDA. With this achievement, it is on track to meet the company’s annual budget.

“By staying relevant to evolve based on market demands, Cakap consistently broadens its offerings to benefit more Indonesian students, enhancing their language proficiency, vocational skills, and business acumen-—the main pillars of Cakap. Within the realm of languages, Cakap extends its reach across age groups, encompassing adults and children alike, while diversifying its course array,” he explains in an email to e27.

“Notably, the launch of Korean courses and the launch of blended classes at Cakap Kids Academy. In the arena of upskilling, our focus remains on courses that equip students with job-ready competencies, proving that the highest demand for the course is in the career and development category.”

Starting off as Squline, a platform to learn foreign languages, today, Cakap’s main revenue models are subscription-based and license-based models across its three business pillars: Language, upskill, and business.

The language pillar currently contributes the largest share of revenue to the company, with a growing percentage of students opting to learn Japanese, Korean, and Mandarin. The courses offer programmes ranging from three months to 12 months.

Also Read: ZEZEDU revolutionises math education with its AI-powered tools, helping students to excel

As Dharmasoeka has explained, the popularity of Korean courses has surpassed Mandarin over the past six months.

Apart from that, Cakap also aims to solve the problem of learning loss, a phenomenon of elementary school students missing out on making progress in their learning as a result of the COVID-19 pandemic.

The World Bank highlighted this issue in a report, and Cakap tackles it through the launch of their Cakap Kids Academy, an initiative that combines offline language learning with several facilities designed to enhance soft and motor skills. It aims to create a fun learning experience for children aged four to 12.

“The vision and goal of Cakap is to elevate people’s lives through quality education. This drives Cakap’s approach always to consider the holistic development of students, valuing both online and blended learning methodologies. Recognising the demand for offline engagement, Cakap has identified that certain types of development are more effectively carried out through in-person interactions. Therefore, the company strategically integrates offline components into its offerings,” Dharmasoeka explains when asked about the integration of offline elements in the company’s business.

Also Read: AI Blocks, revolutionising education with easy and effective AI technology learning

Cakap has also introduced the Cakap English Standardized Test (CEST), an English language testing system curated and developed by its internal education team that is the equivalent of other standardised tests such as TOEFL. Advantages of the test include the ability to be taken through a mobile device and the use of both human and AI supervision in its results. It is also marketed as being more flexible, affordable, and faster in giving results.

Since its launch at the end of Q1 2023, the company said that 14 institutions have adopted the CEST, and 5,000 students have been scheduled for the test.

Enabling lifelong learning

As a platform with the goal to enable lifelong learning for its users, the majority of Cakap’s students are in the 20-29 age group, followed by the 30-39 age group.

Demographically, its students are mostly located in the Greater Jakarta Area, followed by Medan and Bali in the top ten cities.

It has forged over 600 clients, spanning educational institutions, corporations, governmental bodies, and foundations.

Founded by Tomy Yunus and Yohan Limerta, Cakap’s most recent funding round is a Series C from MDI Ventures and Heritas Capital, which resulted in a US$100 million valuation.

Dharmasoeka shares the company’s up-and-coming plans for the remainder of 2023.

Also Read: Why GoImpact believes that education is the key to promoting ESG investment

“Expanding into second and third-tier cities across all core business areas, and broadening the reach of CEST test takers through AI adaptation, are focal points. Throughout the remainder of 2023, the company is dedicated to nurturing its core business with the aim of fostering a robust and more impactful educational enterprise,” he says.

“The primary focus for 2024 centres on elevating the personalised learning experience for our students and crafting comprehensive, specialised courses. On the business front, our goal is to establish an all-encompassing ecosystem that spans casual learning and certification programmes. This effort contributes to boosting the nation’s employability rate and places a heightened emphasis on advancing UNDP SDG’s point five, which pertains to gender equality, within our business processes.”

—

Image Credit: Cakap

The post Cakap paves the way for sustainable growth by empowering lifelong learning in Indonesia appeared first on e27.

Gobi Partners today announced that it had made an undisclosed strategic investment in Electronic Recycling Through Heroes (ERTH), a Malaysia-based company that focuses on electronic waste (e-waste) recycling, with L8 Ventures as a co-investor in the funding round.

The investment was made out of the Khazanah Nasional-backed Gobi Dana Impak Ventures Fund (GDIV Fund), part of Khazanah’s initiative to bolster the local startup ecosystem operating within Dana Impak’s Future Malaysia Programme.

“My vision for ERTH is to see widespread acceptance of our environmental initiatives, all geared towards improving the environment. With this funding, we aim to extend ERTH’s influence further, making a positive impact on the lives of everyone,” says ERTH co-founder Nahed Eletribi in a press statement.

The company also shared that within the next 12 months, its goal is to open more branches across Malaysia.

Established by Eletribi and Mohamed “Mo” Tarek El-Fatatry in 2019, ERTH was born out of a desire to make a meaningful impact, particularly in waste reduction, with a focus on e-waste.

Also Read: YEAP joins forces with youths to drive e-waste awareness and sustainable innovation

In addition to facilitating responsible e-waste disposal, it also rewards contributors with cash incentives or vouchers. According to the company, this approach fosters a community-driven commitment to environmental preservation while providing economic compensation.

ERTH aims to achieve its goal by employing a gig-economy workforce of over 1,000 freelancers, referred to as “Heroes.” These Heroes collect obsolete, faulty, and discarded electronics, such as laptops, smartphones, printers, televisions, and various devices, directly from households and businesses.

According to Tarek, who is a Finland citizen, “Finland has consistently ranked among the cleanest countries in the world, and I’m enthusiastic about applying Finnish best practices here in Malaysia to lead the way in e-waste recycling within Southeast Asia and ultimately work towards making Malaysia the cleanest country in this region. Our partnership with Gobi through the GDIV program is a perfect match, benefiting both our companies and contributing to the improvement of Malaysia’s environmental efforts.”

Since 2019, ERTH said that its Heroes have collectively diverted more than 1,000,000 kilograms of e-waste from landfills or the equivalent of 1,053 Perodua Myvi cars or 13 Boeing 737 aeroplanes.

The Malaysian Department of Environment has recognised ERTH as the largest authorised collector of e-waste in Malaysia.

—

Image Credit: Gobi Partners

The post ERTH raises funding from Gobi Partners, L8 Ventures to further expand in Malaysia appeared first on e27.

Manuva, an Indonesian startup helping SME manufacturers produce ready-made, custom-made packaging and semi-branded goods, has secured US$8 million in new funding.

Singapore-based VC firm Tin Men Capital joined the round with US$3 million, with the balance coming from other undisclosed investors.

Manuva plans to expand its business with the new funds by adding biodegradable packaging and exploring the semi-branded goods vertical.

It is also pursuing a distribution expansion strategy to reach the islands of Java, Bali, Sumatra, and several major cities across Indonesia.

Also Read: 5 smart ways to decarbonise supply chains and logistics with AI

Founded in 2018 by Anggara Pranaspati, Raffisal Damanhuri, and Hasandi Patriawan, Manuva (formerly Tjetak) provides merchants and online sellers with various types of packaging, from cardboard and snack boxes to paper bags and plastic cups. Through more than 100 manufacturing partners, Manuva is producing more than 300 different packaging SKUs under its six private label brands for more than 7,000 retailers and 100 enterprise customers.

The startup also provides modern digitisation tools that enable players in their ecosystem to improve their logistics, procurement, inventory and sales processes.

“Over the past few years, Manuva has demonstrated substantial growth while achieving sound unit economics, which is a mindset that both our teams share,” Tin Men Capital Co-Founder Murli Ravi said.

In addition to financial backing, Tin Men Capital has been collaborating closely with Manuva, offering strategic advisory services and fostering opportunities to bolster Manuva’s growth and expansion efforts.

Before this funding round, Manuva had secured an undisclosed sum in a Series A fundraising led by Vertex Ventures and a seed funding round from angels.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: Manuva

The post Manuva nets US$8M to help SME manufacturers produce ready-made, custom-made packaging appeared first on e27.

Protégé Ventures, a student-run venture fund programme set up by the Singapore Management University Institute of Innovation & Entrepreneurship (SMU IIE), has launched the Marina & David Su Protégé Ventures Fund II.

This S$500,000 (US$368,000) sector-agnostic fund looks to invest in early-stage technology startups founded by students or recent graduates of Singapore’s polytechnics and universities.

David Su, founding managing partner of Matrix Partners China and a member of the SMU Enterprise Board, donated the amount.

The fund was launched in the presence of the Deputy Prime Minister (DPM) and Coordinating Minister for Economic Policies, Heng Swee Keat. He was the chief guest on the opening ceremony of Finals Week (called BLAZE) of the 11th Lee Kuan Yew Global Business Plan Competition (LKYGBPC).

Also Read: Meet the 55 finalists vying for prizes worth US$1.9M at SMU’s LKYGBPC competition in Singapore

Protégé Ventures was formed in 2017 to facilitate connections between university innovations and VC funding and to foster collaboration among students across different tertiary institutions. It also allows students to gain practical insights into the complex venture investment landscape, nurturing the next generation of tech and entrepreneurial leaders.

Since its inception, Protégé Ventures has trained 251 students, evaluated over 1,100 deals, and invested SGD265,000 (US$194,000) in ten startups that have collectively raised over SGD35 (US$26) million from notable institutional investors.

“For Singapore to successfully engage the challenges of tomorrow, we must cultivate a new generation of tech-savvy, agile and skilled decision-makers who can take the lead in navigating the turbulent and uncertain technological and economic landscape with sensitivity and wisdom,” said Su.

The LKYGBPC is a biennial university startup challenge organised by SMU IIE. As many as 53 finalist teams representing 1,100 universities across 77 countries were selected to compete for the grand prizes in Singapore from 11 to 15 September 2023.

—

Image Credit: LKYGBPC.

The post Protégé Ventures launches Fund II to support student-led startups in Singapore appeared first on e27.