Singapore Budget 2020: US$215M to be set aside for deep tech startups under Startup SG Equity
The newly released budget for Singapore announced additional support of S$300 million (US$215 million) for deep tech startups under Startup SG Equity among US$8.3 billion for economic transformation, according to TodayOnline.
This will include emerging technologies such as biopharma, medtech, advanced manufacturing, and agri-food tech and will help them gain better access to capital, expertise and industry networks.
“As these startups need larger investments and longer gestation periods, and face higher risks, investors are less prepared to invest in them,” Deputy Prime Minister Heng Swee Keat said.
The Startup SG programme provides equity investments to tech startups with global market potential and has helped startups launch via co-investment schemes such as Startup SG Equity.
WhatsHalal scores seed investment from crowdfunding platform for regional expansion
Singapore-based WhatsHalal secured an undisclosed amount of seed funding from FundedHere, a Monetary Authority of Singapore’s (MAS) licensed crowdfunding platform, according to a press release statement.
The startup which provides enterprises decisions and solutions to enter the halal market internationally will use the fresh funds to continue regional expansion and further development of its technology.
“I believe we are only just scratching the surface of how powerful harnessing technology can be for the halal industry. Our platform is not just limited to the halal industry and community and we anticipate huge demand for our services and are ready to aid businesses who are keen to tap into both the domestic and global halal industry,” said Azman Ivan Tan, CEO of WhatsHalal.
Also Read: 5 ways in which crowdfunding can help your start-up grow
WhatsHalal is currently joined Batch 6 of Plug and Play Indonesia’s innovation programme and was a part of the first batch of startups participating in Tribe Accelerator.
TikTok reportedly considering setting up HQ in Singapore
According to the WallStreet Journal, Chinese Internet giant ByteDance is looking to set up its headquarters outside of China, to distance itself from the ‘Made in China’ image.
A source told the news website that TikTok will be considering Singapore amongst other countries such as London and Dublin.
The company currently has a team of employees in WeWork office and has been speculated to be leasing a 60,000 square feet space in One Raffles Quay, one of the business hubs in Singapore.
Grab conducts joint study with Volocopter to bring air taxis to SEA
Singapore’s leading ride-hailing app Grab announced today that it will be partnering with German company Volocopter to study the prospects of bringing air taxis to SEA.
A Memorandum of Understanding (MOU) has been signed between the two companies to explore the most suitable cities to deploy air taxis and explore joint flight tests.
The first flight test was held in Singapore over Marina Bay, with the assistance of Civil Aviation Authority of Singapore (CAAS).
“Together, we will learn from unprecedented insights into the economic and societal opportunity of launching our services on the hottest routes in the Southeast Asian market,” said Volocopte CEO Florian Reuter.
Credify raises US$1 million in a seed round led by Beenext and Deepcore
Singaporean software development company Credify raises US$1 million in a round led by AI-focused incubator Deepcore and Beenext, according to Tech In Asia.
The proceeds will be used to enhance its product, and further localising its software development operations in Southeast Asia.
According to CyberSource, an average of 1.6 per cent of online revenue is lost to fraud in Southeast Asia and the startup tackles this challenge by providing identity and trust system solutions in e-commerce and lending.
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