SPRING Singapore to co-invest in health startups
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.