25 Singapore tech startups raise $159m through EDBI, SEEDS funding scheme
Photo by Kit Suman on Unsplash
July 29, 2021
EDBI, the corporate investment arm of Singapore Economic Development Board, and SEEDS Capital, the investment arm of Enterprise Singapore, have jointly facilitated and supported 25 local tech startups in raising a total of S$216 million ($159 million).
The fundraising was done through SEEDS and EDBI’s Special Situation Fund for Startups (SSFS), a $205-million investment scheme introduced last year to facilitate investments into high-potential startups to help them sustain their growth momentum.
The launch of SSFS followed an announcement by Singapore’s Deputy Prime Minister Heng Swee Keat last year to financially support the growth momentum of high potential startups whose businesses have been disrupted by the COVID-19 pandemic. Private investors in Singapore and around the world have also turned cautious in their capital deployments due to ongoing economic