SPRING Sin­ga­pore to co-in­vest in health star­tups

BioSpectrum (Asia) - - Start-Up News -

SPRING Sin­ga­pore, a gov­ern­ment agency that pro­vides as­sis­tance to lo­cal small and medi­um­sized en­ter­prises, is seek­ing coin­vest­ment part­ners for its newly launched $72.8 mil­lion ven­ture cap­i­tal fund. The fund will tar­get in­vest­ments in three in­dus­try sec­tors: ad­vanced man­u­fac­tur­ing and en­gi­neer­ing, health and biomed­i­cal sciences, and ur­ban so­lu­tions and sus­tain­abil­ity.

The agency de­fines such startup busi­nesses as be­ing built around pro­pri­etary tech­nolo­gies which re­quire sig­nif­i­cant de­vel­op­men­tal and com­mer­cial­iza­tion ef­forts. This in­cludes prod­uct de­sign, pro­to­typ­ing, prod­uct test­ing, and clin­i­cal tri­als, among oth­ers, be­fore they are ready for mar­ket. Spring Seeds Cap­i­tal will co-in­vest at a ra­tio fa­vor­able to part­ners of 7:3 for the first $364,000 in­vested in a deep tech startup, and at a ra­tio of 1:1 there­after up to a cap of close to $2.9 mil­lion.

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