Goh and Chesson intend to “invest in 15 to 20 tech startups” dealing with areas such as finance and healthcare, in the next six years. Goh also told Straits Times’s Grace Chng that the duo will be “investing between US$2 million and US$4 million in each startup”. This will be available for startups with seed funding, and are looking for Series A investment to scale further.
According to the original report, the two had started Pivotal Asia Ventures in 2010 to invest in startups like Singapore-based online supermarket Redmart, restaurant booking service Chope and Big Data firm Crayon Data. It went on to state that the investments made in the “dormant” Pivotal Asia Ventures’s name will be transferred to the new entity Silicon Island.
The firm will also have the financial support of Northstar, a local private equity firm, and become its venture capital arm. Founded in 2003, Northstar has invested in 20 companies across multiple industries such as banking, retail and telecom.
It will be interesting to watch this firm as it makes its very first investments — hopefully in the near future.