Singapore announces US$285M fund for innovative startups
Singapore-based metal additive design and printing startup 3DInfra has raised an undisclosed sum in pre-Series A funding from MAS-licensed M Venture Partners and Enterprise Singapore’s investment arm SEEDS Capital.
The company said that the funding will be directed into driving 3D Metalforge’s technology development, establishing an Additive Manufacturing Center in Houston, Texas, and team development.
The company claimed that its Additive Manufacturing Center in Singapore is ISO-certified and is one of only 7 manufacturers globally certified by Lloyds Register to print marine parts.
According to Mena FN, the company is currently serving clients in the oil & gas, marine, and defense sectors, 3D Metalforge focusses on large format, high-value specialist metals for industry application. It leverages proprietary design processes and metal printer technologies that produce specialist parts faster, cheaper, and of higher quality than traditional manufacturing.
“3DInfra’s Additive Manufacturing solutions enable them to manufacture high-value parts with improved performance while reducing costs and production time. Such solutions strengthen our advanced manufacturing capabilities and encourage disruptive innovations in traditional sectors like the Marine, and Oil & Gas industry,” said Geoffrey Yeo, General Manager of SEEDS Capital.
Singapore earmarks US$285M fund for innovative startups
Deputy Prime Minister Heng Swee Keat said that Singapore would allocate US$285 million to help startups sustain innovation and entrepreneurship activities and gain access to credit, and bridge the financing gap they face amid the COVID-19 pandemic, as reported by The Straits Times.
The Special Situation Fund for Start-ups (SSFS) will be administered by the EDBI, the corporate investment arm of the Economic Development Board, and SEEDS Capital.
EDBI and SEEDS Capital will invest in selected startups with private sector co-investors in a one-to-one ratio and those that were incorporated as private limited companies with their headquarters and key value-added activities in Singapore.
The scheme will end when the funds are fully committed or by October 31, 2021. Involving the private sector, co-investors are said to plan to double the deployable capital, and the SSFS will enable these companies to continue their early product development and innovations to build a strong foundation for growth.
Interested early-stage start-ups can apply for the funding via firstname.lastname@example.org, while late-stage start-ups can apply via email@example.com
OVO’s P2P lending arm Taralite gets licence from Indonesia Financial Services Authority
Taralite, Indonesian digital wallet OVO’s P2P lending arm, has attained a business license from the Indonesia Financial Services Authority (OJK) as an IT-based Lending Provider.
With this license, OVO and Taralite plan to continue to support the government’s efforts to implement Indonesia’s digital vision and mission, particularly bringing people, especially in the MSMEs sector, closer to digital financial services.
OVO’s CEO Jason Thompson said that through these financial service innovations, users and MSMEs players will have expanded access to untapped services, including consumer and business lending.
Along with OVO, towards the beginning of 2020, Taralite has introduced OVO DanaTara as a cash flow management and additional business capital solution for Indonesian MSMEs. Also, Taralite provides online MSMEs access to financing of up to IDR 500 million (US$35,000) with the approval process around 1-3 working days and tenor up to 12 months.
To date, Taralite services are available for MSMEs who are members of prominent e-commerce platforms in Indonesia such as Tokopedia, Lazada, Shopee, and Bukalapak.