The entire financial commitment of the former, which amounts to US $350 million, has been increased by the additional US $100 million from Singaporean telecom Singtel’s VC arm Innov8.
The extra money will enable Innov8 to diversify its portfolio to include new investments in China, Israel, Australia, and the US.
Since its inception in 2010, Innov8 has focused on companies in industries related to Singtel’s, including 5G, the digital economy, AI, sustainability, cybersecurity, and other cutting-edge technology. It employs a circular fund strategy and reinvests profits from portfolio exits in fresh business endeavours.
Four of the unit’s exits—Arista, Ruckus, Jasper, and Shape—were unicorns. Since its establishment, the unit has invested in more than 95 startups, with over 35 of those companies experiencing an exit. The VC arm has furthermore supported well-known firms including Carro, SenseTime, ShopBack, and Sygnum.
Along with making investments, Innov8 collaborates with local governments and academic institutions to advance innovation. Block 71, one of Southeast Asia’s biggest startup clusters with close to 1,000 businesses, incubators, accelerators, and investors, is one of these alliances.
“As we sharpen our business focus, we will recycle our assets and capital into selected growth areas, reshaping our portfolio to better serve our stakeholders and build momentum for the longer term,” said Yuen Kuan Moon, group CEO of Singtel.
