21 October 2014 - Infocomm Investments Pte Ltd (IIPL), the venture capital arm of the Infocomm Development Authority of Singapore (IDA), celebrates its launch in London, providing the bridge for Singapore-based and London-based tech startups to access each other’s markets.
Singapore, 21 October 2014 | For Immediate Release
A strategic move that will accelerate the growth of Singapore-based FinTech startups and
bring about new, disruptive technologies for the financial sector
Infocomm Investments Pte Ltd (IIPL), the venture capital arm of the Infocomm Development Authority of Singapore (IDA), celebrates its launch in London, providing the bridge for Singapore-based and London-based tech startups to access each other’s markets. At a launch event held at the heart of UK’s Tech City, assembling more than 100 invited guests, including investors, venture capitalists, entrepreneurs and members of the UK and Singapore technology community, the Executive Deputy Chairman of IDA and Chairman of IIPL, Steve Leonard, announced the fund’s first investment in Europe into the leading FinTech accelerator, Startupbootcamp FinTech.
Steve Leonard said: “There are many Smart Cities around the world, but Singapore is building itself into a Smart Nation. This means we want to use exciting new technologies to better serve citizens of all ages and companies of all sizes. London is a cool city with lots of hot startups. We know that by being in London, we can both learn from - and contribute to - the ecosystems in both places.”
“Because Singapore is a strong startup hub in Asia, we want to bring our great startups to London. Singapore and London are natural partners, and we see London as our gateway into Europe, and we want London to see Singapore as the best gateway to the booming Asian markets,” he concluded.
Infocomm Investments’ strategic investment into Startupbootcamp FinTech will give it the opportunity to land its successful FinTech London accelerator programme in Singapore. With a global pool of over 750 mentors who provide value through coaching and unique connections to customers, partners and investors, Startupbootcamp FinTech will play an integral role in building a strong pipeline of highly innovative and scalable FinTech startups in Singapore - the leading financial hub of Southeast Asia. Infocomm Investments will also offer Asian market-centric mentoring for London-based tech startups under Startupbootcamp FinTech’s extensive portfolio. The partnership signifies the pivotal role that Infocomm Investments plays in accelerating the growth of Singapore’s technology sector, through the bridging with London’s tech building community.
Carsten Kølbek, Co-Founder of Startupbootcamp FinTech, said: “We are very honoured to be the first investment of Infocomm Investments in Europe. We value the unique Asian market expertise that Infocomm Investments brings to our FinTech London programme. There is a clear upward trend in the quality and innovation level of FinTech startups across Asia over the past year, in tandem with the growing global demand for new financial services innovation. We look forward to riding this wave and bringing our success in building great Fintech startups to Asia.”
Active in supporting global tech startups in their expansion to the huge and growing markets in Asia for the past 15 years, Infocomm Investments offers to Europe’s technology sector a strong knowledge of the opportunities in the Asian market and direct connections to a wide network of investors, venture capitalists, entrepreneurial talents and potential partners across the private and public sectors in Singapore and Asia.
With its new presence in London, the firm is looking to partner with accelerators to grow its network within the UK and Europe, and to co-invest with other leading venture capitalists in high growth, innovation-driven tech startups. Plugging right in the centre of the London ecosystem will allow the firm to listen, learn and understand the needs of the London technology community and help provide access for Singapore-based tech startups to Europe through London and London-based tech startups to Asia through Singapore.
Infocomm Investments’ European operations will be led by Zach Tan, Director, London Office. With strong background in tech entrepreneurship and investments and a good flavour of the European market, Zach’s role will be to work with partners like Startupbootcamp FinTech and London’s wider investor and technology community to identify collaboration opportunities and businesses viable for growth in Singapore and Asia.
Zach Tan, Director, London Office, said: “I am excited about this opportunity to bridge the tech building community and entrepreneurs in London and Singapore with the knowledge, capabilities and connections to access each other’s markets. Our partnership with Startupbootcamp FinTech is the first step of the journey, and I look forward to working closely with all stakeholders in the London ecosystem to build startups that are able to scale in both Europe and Asia.”Singapore is building itself into the world’s first Smart Nation, powered by the use of data and analytics and supported by a vibrant tech ecosystem with a strong pool of globally competitive tech talents and highly connected tech infrastructure. This vision will support the growth of an innovation-driven tech ecosystem across Singapore and provide great opportunities for tech startups to build businesses that solve local and global challenges, ranging from urban density to healthcare to public safety and city planning.
JOINTLY ISSUED BY INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE, INFOCOMM INVESTMENTS PTE LTD AND STARTUPBOOTCAMP
About Infocomm Development Authority of Singapore
The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. For more news and information, visit www.ida.gov.sg.
About Infocomm Investments Pte Ltd
Infocomm Investments builds and invests in Singapore and global infocomm technology start-ups. Managing more than US$200 million, we accelerate the development of start-ups in their formative phase, and invest further as they move forward with growth and expansion. Through our investments, partnerships with stakeholders across private and public sectors, and global reach, we play a central role in building a vibrant and sustainable ecosystem in Singapore for start-ups to flourish. We are a wholly-owned subsidiary of the Infocomm Development Authority of Singapore. For more news and information, visit www.infocomminvestments.com.
About Startupbootcamp FinTech
Launched in 2014, Startupbootcamp FinTech is Europe's leading FinTech accelerator, and the only programme of its kind to attract such wide industry support. Based in London, its partners include Lloyds Banking Group, MasterCard, Rabobank, SBT Venture Capital, arvato Financial Services, Route 66 Ventures and Intesa Sanpaolo, as well as an extensive mentor and alumni network from more than 30 countries across the globe. The award-winning accelerator offers FinTech startups access to world class industry expertise during an intensive three month programme. At the end of the programme, startups pitch at Demo Day to more than 150 investors.
Other Startupbootcamp programmes are currently active in Amsterdam, Barcelona, Berlin, Copenhagen, Eindhoven, Israel, Istanbul and London with other cities and vertical programs to be announced soon.