SG Growth Capital Chairman Png Cheong Boon
EDBI, a fully owned subsidiary of the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, has announced a merger with SEEDS Capital, a fully owned subsidiary of Enterprise Singapore.
The new entity, SG Growth Capital, brings together the investment expertise and networks of both investment firms to support the growth of innovative enterprises and anchor key operations and capabilities in the island nation.
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The change will take place on April 01, 2025.
Over the past decades, EDBI and SEEDS have contributed to Singapore’s economic development through their investments.
EDBI has attracted and anchored foreign growth-stage companies and nurtured tech-centric local companies. At the same time, SEEDS Capital has grown the local startup ecosystem and worked with private funds to catalyse support for Singapore-based, early-stage technology startups.
SG Growth Capital will better leverage EDBI’s and SEEDS’s expertise and networks to grow their portfolio companies. There will be more collaboration opportunities between local and foreign companies.
This will also enable SG Growth Capital to develop more profound expertise in startup financing, venture building and deep tech areas.
Under SG Growth Capital, EDBI and SEEDS Capital will continue to work closely with the EDB and Enterprise Singapore to ensure that their investment focus remains aligned with both agencies’ economic priorities.
Png Cheong Boon, Chairman of EDB, will chair the Board of SG Growth Capital, with Cindy Khoo, Managing Director of Enterprise Singapore, as Deputy Chair.
Choo Heng Tong, Executive VP, EDB, will hold the concurrent appointment of SG Growth Capital’s CEO. Paul Ng, EDBI CEO, and Tan Kaixin, General Manager of SEEDS Capital, will continue leading EDBI and SEEDS divisions under SG Growth Capital.
Also Read: SEEDS Capital backs Singapore’s manufacturing-tech startup Factorem
Established in 1991, EDBI aims to attract and anchor high-potential foreign companies to Singapore and nurture tech-centric local companies into global and regional champions. Such investments are made both directly into startups and indirectly through a fund-of-funds approach.
Founded in 2001, SEEDS Capital seeks to build a vibrant early-stage VC ecosystem in Singapore by co-investing with private VC firms and corporate venture funds in local startups, with the private sector partners leading investment rounds.
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Image Credit: EDBI
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