Co-working spaces have long been attractive for their open environment that proponents believe fosters creativity, collaboration and communication.
Announced today, Singapore’s Impact Hub will be bringing a new benefit to its tenants — an opportunity for early-stage startups to nab a seed investments from an initial fund worth S$1 million (US$700,000). The news was first reported by The Straits Times.
Participants in the fund include family offices, high-net worth individuals and members of the co-working space’s community, according to the article.
While the fund is not large, it is a unique business model for the co-working industry and certainly creates a value-add incentive for potential startups.
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The fund includes some fairly well-known individuals in the Southeast Asian startup scene as advisors. They are as follows:
- Cocoon Capital Managing Partner Michael Blakely
- KK Fund General Partner Kuan Hsu
- Monk’s Hill Ventures Managing Director Ong Pen Tsin
- NSI Ventures Founding Partner Hian Goh
Impact Hub Co-founder and CEO Grace Sai brought up an interesting point to The Straits Times during her interview with the paper.
Because the investees will be operating in the co-working space, it should help foster a close relationship between the startup and the Impact Hub network. Sai said this would help the startups leverage the affiliation with Impact Hub partners to achieve follow-on investments.
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She said companies that have worked out of Impact Hub have raised about US$250 million over the past four years.
e27 has reached out to Impact Hub for more details and will update accordingly.
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