Singapore's Singtel pumps $100m into VC arm

“This capital infusion is meant for identifying and growing innovative start-ups with new technologies and capabilities that are synergistic and in lockstep with Singtel’s strategic reset to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” Yuen Kuan Moon, group CEO of Singtel and chairman of Innov8, said in a statement.

This will include support for an existing portfolio across Southeast Asia, China, Australia, the US, and Israel. Standouts include auto marketplace Carro, credit platform FinAccel, and deep learning developer SenseTime. Innov8 is also an investor in Shopback, which was said to be nearing unicorn status as of a USD 80m Series F round in June.

Innov8 has invested in over 95 start-ups since its inception in 2010 and has achieved more than 35 exits. Four of the exits, all US-based, were unicorns. Focus areas include 5G, artificial intelligence, digital economy, and sustainability. The firm has also set up a cybersecurity incubator and a dedicated cybersecurity school said to be the first of its kind in Asia.

“Singtel Innov8 is empowered to move quickly to capture investment opportunities in the fast-paced venture market. Our mandate is flexible, allowing us to invest in both early and growth stage companies,” Innov8 CEO Edgar Hardless added.

“Innov8 facilitates access to business units across the Group’s footprint, evangelises innovative technologies within the Group, and supports partnerships with the business units.”

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• Topics
• Southeast Asia
• Media
• Technology
• Venture
• Fundraising
• Singapore
• SingTel Innov8
• corporate venture capital
• artificial intelligence
• Cybersecurity