Singapore's UOB backs $72m Series C for OurCrowd

Other participants in the funding round were not named; according to a release they include financial institutions, family offices and high net worth individuals from around the world. OurCrowd plans to use half of the capital to expand its existing seven global offices and to develop its technology platform. The other half will go towards matching investments raised by portfolio companies.

Nearly 15,000 investors from over 110 countries participate in OurCrowd. They have contributed more than $300 million through the company's platform to 100 companies and funds. OurCrowd invests $50,000 of its own capital in each candidate before opening it up for investment from members, which must invest a minimum of $10,000.

"We look forward to working closely with OurCrowd to further develop their platform to support the startup ecosystem both in Singapore and the broader Asian market," said Janet Young, managing director of group channels and digitalization at UOB Group. "Our investment into this Series C funding for OurCrowd reinforces our commitment to supporting startups and small businesses."

OurCrowd was founded in 2013 by serial entrepreneur Jon Medved. Along with financial support, the company also takes board seats at portfolio companies and assigns industry experts to act as mentors. It claims to have exited nine companies already through a combination of IPOs and acquisitions.

The platform launched in Australia in 2014; its investors include Geoff Levy, chairman of Australia-based Monash Private Capital, who is also a member of OurCrowd's advisory board.

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• Topics
• MENA
• Venture
• Fundraising
• Southeast Asia
• Singapore
• Crowdfunding
• Venture