World Bank's IFC invests US$2m in Singapore-based early stage fund SeedPlus
IFC, a World Bank outfit, said it has invested US$2 million in Singapore-based venture fund SeedPlus to support early stage technology entrepreneurship in Asia.
SeedPlus was launched by venture capital firm Jungle Ventures to invest in Asian technology startups. It invests S$500,000 to S$1 million in each firm.
SeedPlus has invested in Moglix, an Indian e-commerce platform specialising in the maintenance, repair and operations industry, and Mimetic.ai, a Singaporean technology startup that created Evie, an artificial intelligence scheduling assistant.
IFC has previously committed US$10 million to Jungle Ventures' second fund, along with a US$10 million co-investment vehicle, which will invest in early stage technology companies in emerging markets of South-east Asia.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japan frets over relentless yen slide as BOJ keeps ultra-low rates
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Five new charges for money laundering accused Zhang Ruijin before his plead guilty mention
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years
Weak yen pressures Bank of Japan’s interest rate decision
Basel Committee adds climate risks to banking supervision standards