Singapore’s business development agency, Spring, committed $73 million to startups in manufacturing, health, urban solutions, and sustainability.
The sectors “generate significant economic and social impact, such as productivity improvement through the use of innovative and disruptive technologies,” the agency said in a statement.
The fund will make seed equity investments from $350,000 to $3 million. To attract domestic and foreign co-investment partners, Spring is offering to match investments at a ratio of more than two-to-one for early-stage technologies.
Investment partners are expected to provide business and commercialization support for the technologies they’re investing in, along with mentorship for the startup teams.