One of the partners, Golden Gate Ventures, wrote in an official statement that it has incubated 18 companies across six countries in Asia. Its portfolio includes Singapore-based online grocer RedMart, which made headlines with its most recent funding announcement in January 2014.
With increasingly more startups looking to raise Series A funding in Singapore, Golden Gate Ventures reckons that at least 48 companies across Southeast Asia would have or will be announcing Series A financing this year — a good double of last year’s numbers.
“With a growing pipeline of exciting new tech start-ups in Singapore, founders will require funding, experienced mentorship and strong networks to build companies that can compete in worldwide markets. We want to help build an investor community based in Singapore but with connections around the world. The six venture capital funds and fund managers selected have an excellent reputation of helping build the companies that they fund, and their successes will further strengthen our tech-startup ecosystem.”
UPDATE: Vincent Lauria, Co-founder and Managing Partner, Golden Gate Ventures, told e27, “There have been many benefits of working with the NRF that run much deeper than a pure financial relationship.” Four, to be precise. Firstly, working with the government will open doors to a wider network; secondly, it has sped up deal flow, which is the rate at which investment firms receive proposals or offers; thirdly, this allows them to be a part of a “solid network of co-investment partners”, and lastly, it gives them a stamp of approval useful when talking to foreign investors.