Singapore's Venturecraft launches $37m tech fund

The vehicle, Venturecraft's second, is backed by Spring Seeds Capital, the investment arm of Spring Singapore, a government initiative aimed at supporting local start-ups. Spring Singapore has also appointed Venturecraft as an accelerator for the medtech industry under its Sector-Specific Accelerator (SSA) program. The designation means that Spring Seeds will invest alongside Venturecraft in selected start-ups.

Venturecraft launched last year with a first fund of S$4 million. Investments from the debut vehicle include research and diagnostic test developer AIM Biotech, spectrometer designer Attonics Systems, and dental imaging device maker Glissade Dental.

Investments from the new fund, Venturecraft II, are expected to fall between S$500,000 and S$10 million. It has already committed an undisclosed amount to Mirxes, a diagnostic test device creator spun out from government research agency A*Star.

Spring Seeds is an active direct investor in local start-ups. Its portfolio includes payment platform Fastacash, for which Spring Seeds participated in a $3 million Series A round in 2013 and a $4 million Series B round in 2014, and big data start-up Crayong Data.

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• Topics
• Southeast Asia
• Healthcare
• Technology
• Fundraising
• Venture
• Early-stage
• Singapore
• seed