Correction: Due to earlier miscommunication on details of the matching scheme, the first reported amount of the fund, S$10 million (US$7.3 million), has been increased to S$20 million (US$14.6 million). Just a couple of months after its Executive Chairman Dr. Robert Yap was named 'Businessman of the Year' at the Singapore Business Awards, the logistics firm YCH Group announced today the launch of a new corporate venture arm set to invest S$20 million (US$14.6 million) in local supply-chain startups, co-founded by YCH and Singapore's National Research Foundation. Named Supply Chain Angels (SCA), the venture is in partnership with the National Research Foundation and will operate through a one-to-one matching programme with the government agency. The agreement comes under the NRF's Early Stage Venture Funding Scheme III — an allocation of S$40 million (US$29.2 million) set down by the government agency on September 21 2015 for 'corporate venture funds set up by large local enterprises'. “YCH is committed to contributing to the growth of the supply chain startup environment by equipping its players with the right technical, operational and knowledge capabilities. We look forward to the creation of innovative products that can be scaled and used in Singapore and other countries,” said Yap in an official statement. Also Read: Psst! A new S$40M (US$29.2M) government fund for Singaporean startups will be unveiled next week! The investment fund will be focussed on the following themes:
- The 'Uberisation' of the logistics industry
- IoT innovations directed specifically at ways to improve supply chain efficiency
- Future-focussed technologies to help automate certain parts of the industry
- Robotics such as drones, manufacturing robots and smart machines
- Fintech solutions for the logistics financing system.