Singapore’s leading telecom operator Singtel plans to invest US$100 million more into its corporate VC arm, raising its total capital commitment to US$350 million.
With the capital injection, Singtel Innov8 will further expand its portfolio of investments in Southeast Asia, the US, China, Israel and Australia.
“This capital infusion is meant for identifying and growing innovative startups with new technologies and capabilities that are synergistic and in lockstep with Singtel’s strategic reset to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” said Yuen Kuan Moon, Group CEO Singtel and Chairman of Singtel Innov8.
“As we sharpen our business focus, we will recycle our assets and capital into selected growth areas, reshaping our portfolio to serve our stakeholders better and build momentum for the longer term,” he added.
Launched in 2010, Singtel Innov8 invests in startups aligning with the group’s businesses in 5G, artificial intelligence, digital economy, sustainability, cyber security and emerging technologies. It operates on an evergreen fund model, re-investing returns from portfolio exits into new investments.
The CVC has invested in over 95 startups, including BitSight, Carro, Cato, FinAccel, SenseTime, Shopback, and Sygnum. Some of its recent investments are Endowus, a wealth-tech platform, and Wiz.ai, which offers interactive AI-driven talk bots.
Singtel Innov8 has over 35 exits to its credit — Arista, Ruckus, Jasper, and Shape (all unicorns).
Apart from investing capital, Singtel Innov8 facilitates access and partnerships with business units across the group’s footprint and evangelises innovative technologies within the group.
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Edgar Hardless, CEO of Singtel Innov8, added: “Our mandate is flexible, allowing us to invest in both early- and growth-stage companies. We believe in backing founders to execute on their vision and support the company’s growth through partnerships with the Singtel Group. Innov8 facilitates access to business units across the group’s footprint, evangelises innovative technologies, and supports partnerships with the business units.”
Singtel Innov8 partnered with NUS and the Media Development Authority (MDA) in 2011 to co-create a startup hub BLOCK71 Singapore. Innov8 also helped launch a second chapter, BLOCK71, in San Francisco in 2015 and the Innovation Cyber Security Ecosystem (ICE71) in partnership with NUS, IMDA, and CSA in 2018.
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