Investments in Singapore startups up 36% to S$13.4b in 9M2019: ESG

ESG's investment arm SEEDS Capital and government-owned SGInnovate, both administrators of Startup SG Equity, invested in 56 deals in the first three quarters of 2019. This led to co-investors from the private sector deploying S$160.5 million in investments.

"This is in line with the government's push to develop Singapore into a leading food and nutrition hub in Asia," ESG said. For instance, SEEDS Capital, ESG's investment arm, appointed seven co-investment partners in January, aiming to spur over S$90 million in investments into agri-food tech startups.

To be sure, investments in the deeptech sector are still limited, accounting for under 4 per cent of the total capital invested. This is"in part due to the current ecosystem's lack of lead investors with the expertise and experience to back deeptech companies", ESG said in the release. Venture capitalist Amit Anand, co-founder of Jungle Ventures, agreed that deeptech investments are set to grow."We have seen considerable investment conviction that greatly underscores the growing momentum for startup investments to be injected into the South-east Asia region. Our capital allocation into deeptech startups has grown over the years," he said.

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