State-linked EDBI invests in Circles.Life

Singapore

The investment arm of the Economic Development Board has dipped its finger into the pie at Singapore telco startup Circles.Life.

EDB Investments Pte Ltd (EDBI) led the startup's latest funding round, Circles.Life told the media on Thursday. It did not disclose investment details.

EDBI's other information and communication technology portfolio companies in Asia include marketplace app Carousell, travel provider Klook and cashback platform ShopBack.

State-backed telcos are no stranger in Singapore, given Temasek Holdings' direct interest in mainboard-listed Singtel and its indirect interest in StarHub through wholly-owned Singapore Technologies Telemedia. It also has a toehold in the recently privatised M1, thr…