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.