SINGTEL has announced that it will increase its capital commitment for corporate venture capital (CVC) arm Singtel Innov8 from US$250 million to US$350 million.
The CVC invests in startups in the areas of 5G, artificial intelligence, sustainability, cybersecurity, the digital economy and emerging technologies. Singtel Innov8 is a balance sheet fund, funded entirely by Singtel with returns reinvested into new investments.
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Singtel ups investment in corporate venture arm Innov8 to US$350m
TUE, AUG 02, 2022 - 10:47 AM
BENJAMIN CHER
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Singtel Innov8 is a balance sheet fund, funded entirely by Singtel with returns reinvested into new investments.PHOTO: SINGTEL
SINGTEL has announced that it will increase its capital commitment for corporate venture capital (CVC) arm Singtel Innov8 from US$250 million to US$350 million.
The CVC invests in startups in the areas of 5G, artificial intelligence, sustainability, cybersecurity, the digital economy and emerging technologies. Singtel Innov8 is a balance sheet fund, funded entirely by Singtel with returns reinvested into new investments.
“As we sharpen our business focus, we will recycle our assets and capital into selected growth areas, reshaping our portfolio to better serve our stakeholders and build momentum for the longer term,” said Yuen Kuan Moon, group chief executive officer, Singtel.
There has been over 35 exits since Singtel Innov8’s inception in 2010, and over 95 startups invested into. Some notable exits include unicorns computer software network company Arista Networks and computer network equipment company Ruckus Wireless.
The current portfolio includes unicorns used car marketplace Carro, artificial intelligence company SenseTime and recognisable consumer startups like Shopback and Endowus. Singtel Innov8 claims that it has facilitated access and partnerships across Singtel, with over 350 commercial agreements originating from those engagements.
The CVC will be expanding its investments in South-east Asia, the United States, China, Australia and Israel. According to Edgar Hardless, chief executive officer, Singtel Innov8, its mandate allows for investment in early and growth-stage companies.
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“This additional funding and our proven approach will help drive further investment deal flow and greater collaboration with the startup ecosystem, unlocking more value for both the group and our portfolio companies,” said Hardless.
Singtel Innov8 has been focused on investing and partnering with startups that could meet Singtel’s business needs. While the CVC investments are stage agnostic, Singtel says that the investments are dependent on the strategic relevance to the wider business.
“With growing digitalisation in the region and wider adoption of 5G, there are increasing opportunities for Innov8 to invest in to support Singtel’s business transformation and expansion into fast-evolving areas like cybersecurity, sustainability and artificial intelligence, despite the challenging capital investment environment,” said a Singtel spokesperson.
Singtel is a good buy.
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