SG Growth Capital Pte Ltd, a new government investment organization, will be formed by the merger of global investor EDBI, located in Singapore, and SEEDS Capital (SEEDS).
In order to assist the development of creative businesses and anchor important operations and capabilities in Singapore, this combines the investment experience and networks of EDBI and SEEDS, according to a statement released by EDBI.
It is observed that through their investments, EDBI and SEEDS have each established a solid track record of accelerating and bolstering Singapore’s economic development during the previous few decades.
While SEEDS has expanded the local startup ecosystem and collaborated with private funds to catalyze support for Singapore-based, early-stage technology firms, EDBI has drawn and anchored foreign growth-stage enterprises and fostered tech-centric local companies.
The announcement claims that SG Growth Capital will more effectively use the networks and experience of EDBI and SEEDS to expand the businesses in its portfolio.
It was mentioned that there will be more chances for local and international businesses to collaborate.
It further stated that this will allow SG Growth Capital to gain more in-depth knowledge in the fields of deep tech, venture building, and startup funding.
To make ensuring that their investment priorities are in line with the economic goals of both organizations, EDBI and SEEDS will continue to collaborate closely with Enterprise Singapore and the Singapore Economic Development Board (EDB) under SG Growth Capital.
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The SG Growth Capital Board will be chaired by Png Cheong Boon, Chairman of EDB, and Deputy Chaired by Cindy Khoo, Managing Director, Enterprise Singapore.
The Chief Executive Officer (CEO) position of SG Growth Capital will be held concurrently by Choo Heng Tong, Executive Vice-President of EDB.
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Under SG Growth Capital, Paul Ng, Chief Executive Officer of EDBI, and Tan Kaixin, General Manager of SEEDS Capital, will continue to head the EDBI and SEEDS divisions, respectively.
In Singapore, the Ministry of Trade and Industry oversees the EDB, a government organization.
The agency is in charge of developing plans to strengthen Singapore’s standing as a hub for talent, innovation, and business worldwide.
EDB promotes investment, develops industries, and works with both domestic and foreign companies by giving them access to government incentives for their investments, information, and connections to partners.
Its goal is to build strong, sustainable economic growth for Singapore and Singaporeans by fostering a thriving business environment and providing job opportunities.
The government organization that promotes enterprise development is called Enterprise Singapore.
The organization builds capabilities, innovates, and expands internationally with dedicated businesses.
Additionally, it helps Singapore become a center for international trade and startup culture and enhances consumer confidence in Singaporean goods and services by upholding high standards of quality.
About EDBI
EDBI is a Singapore-based global investor in high-growth technology areas like ICT, ET, HC, and promising Singapore SMEs in strategic industries. EDBI uses its connections, resources, and skills to help firms accomplish their ambitious goals as a value-creating investor.
About Seeds Capital
SEEDS Capital invests wisely in Singaporean tech firms. They co-invest with institutional investors in creative firms with global market potential and excellent intellectual content.
