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Singapore Budget 2019: Singapore sees over 220 venture capital deals, worth US$4.2b, a year
SINGAPORE'S start-up eco-system is flourishing, boasting of more than 220 venture capital deals per year, worth close to US$4.2 billion, Finance Minister Heng Swee Keat said in Parliament.
This is a significant rise from the 80 deals worth US$136 million in 2012, he said. More than 150 global venture capital fund, incubators and accelerators are based in Singapore, supporting start-ups here and in the region.
The government has also ben helping start-ups scale up and venture into new markets by providing customised help, better financing options and supporting technology adoption.
To further deepen the pool of smart, patient capital, it has since 2010, set aside S$400 million through two rounds of fund injections for the Co-Investment Programme to invest in small-medium enterprises (SME), alongside the private sector.
"So far, the government's investments have catalysed approximately S$1.3 billion of additional funding for our SMEs,'' Mr Heng said.
This year, the government will set aside an additional S$100 million to establish the SME CIP III to catalyse investment in Singapore-based SMEs that are ready to scale up.
"We expect this will bring in at least S$200 million of additional funding,'' Mr Heng said.
For all of our Singapore Budget 2019 coverage, news, analysis, and infographics visit bt.sg/budget19