Temasek, UOB invest US$200m into venture debt firm InnoVen Capital

Temasek, UOB invest US$200m into venture debt firm InnoVen Capital

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2 -min read
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SOUTH-EAST Asia’s leading venture debt firm InnoVen Capital has bagged US$200 million in capital commitment from shareholders Temasek and United Overseas Bank (UOB). Each investor contributed US$100 million.

The Singapore-based company, which also has offices in India and China, said the funds will allow it to tap the potential in the venture debt space across Asia. To date, it has supported more than 200 startups with over US$500 million in financing.

Chin Chao, CEO of InnoVen Capital Singapore and South-east Asia, said: “InnoVen has rapidly become the leading venture lender in South-east Asia, helping entrepreneurs accelerate their company’s growth while minimising equity dilution.” 

The additional capital will allow the firm to engage even more startups, he added.

InnoVen is a UOB-Temasek joint venture set up in 2015. Mr Chao told BT last month that it is aiming for 25 to 30 loans this year that translate to more than US$50 million in disbursements. Its portfolio companies include online retailer Pomelo Fashion, live-streaming firm M17 Entertainment, payments startup InstaReM and cloud software player Deskera.

InnoVen is also the largest debt provider in India. Ashish Sharma, CEO of InnoVen Capital India, said: “Access to additional equity capital along with the ability to leverage the balance sheet will position us well, as we drive an ambitious growth agenda.”

InnoVen entered the China market a little over a year ago and has built a portfolio of nearly 30 startups across sectors.