Singapore's iGlobe completes $100m fundraise

Initially set for a final close in November, Platinum Fund III was oversubscribed and the process concluded at the end of May. Platinum I, which raised $80 million in 2010, has delivered a 13x return with a net IRR of 33%. Platinum II closed at $100 million in 2016.

The new fund will write checks in a range of $500,000 to $10 million for 15-20 companies in smart cities, synthetic biology, and financial technology. As with previous vintages, target geographies include Southeast Asia, the UK, and the US.

There have been at least six investments to date. Within Asia, these include Tonik, which raised $17 million last month and claims to be the first digital bank in the Philippines, and Docquity, a social network for doctors based in Singapore.

Yoke Sin Chong, managing partner at iGlobe (pictured), said the firm is aiming for two exits via IPO in the US in the next six months. Asian portfolio exits to date include Japanese industrial drones provider Autonomous Control Systems Laboratory, which went public in Tokyo in late 2018.

Founded in Silicon Valley in 1999, iGlobe aims to differentiate itself among Asian VCs with a multicultural and multidisciplinary team that bridges ecosystems in the East and West. The firm claims to have technology investment experience across multiple economic cycles and expertise spanning various commercial, operational, financial, and scientific domains.

“Our picks for smart cities are based on the convergence of deep tech and engineering with verticals that will redefine industries, such as healthcare, logistics, mobility, and robotics,” Chong said in a statement.

“Our bets on synthetic biology are based on the confluence of deep tech, biology, and chemistry, creating new sustainable materials, foods, and therapeutics that leverage on the discoveries and inventions in this field. For fintech, we are looking at innovative business models that will provide access to banking, payments, retail, insurance, and financial services in novel ways, across huge populations of users.”

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Technology
• Singapore
• seed
• iGlobe Partners