Singapore venture capital firm Infocomm Investments revealed today that it’s going to start investing some of its £124 million ($200 million) fund in European technology startups looking to expand into Asia.
Like Google Ventures and many other European investors, Infocomm Investments is going to base its European operations out of London because it believes the city is the bridge for European companies looking to expand into Asia, and vice versa.
"London is a cool city with lots of hot startups," said chairman of Infocomm Investments, Steve Leonard. "We know that by being in London, we can both learn from - and contribute to - the ecosystems in both places.”
“Singapore and London are natural partners, and we see London as our gateway into Europe, and we want London to see Singapore as the best gateway to the booming Asian markets.”
At a launch event held at Central London’s Southbank Centre, assembling more than 100 investors, venture capitalists, entrepreneurs and members of the London and Singapore technology community, Leonard announced the fund’s first European investment will be into accelerator Startupbootcamp FinTech - a company that takes equity in fast-growing fintech startups in return for cash, mentoring and office space.
Through the investment, it is understood that Startupbootcamp FinTech will expand its operations into Singapore, which happens to be leading financial hub of Southeast Asia.
Carsten Kølbek, cofounder of Startupbootcamp FinTech, said: “We are very honoured to be the first investment of Infocomm Investments in Europe. We value the unique Asian market expertise that Infocomm Investments brings to our FinTech London programme.
“There is a clear upward trend in the quality and innovation level of FinTech startups across Asia over the past year, in tandem with the growing global demand for new financial services innovation. We look forward to riding this wave and bringing our success in building great Fintech startups to Asia.”
With its new presence in London, Infocomm Investments said it is looking to co-invest with other venture capitalists.
Infocomm Investments’ European operations will be led by Zach Tan. Tan's role will be to work with partners like Startupbootcamp FinTech and London’s wider investor and technology community to identify collaboration opportunities and businesses viable for growth in Singapore and Asia.
London office director Zach Tan said: “I am excited about this opportunity to bridge the tech building community and entrepreneurs in London and Singapore with the knowledge, capabilities and connections to access each other’s markets. Our partnership with Startupbootcamp FinTech is the first step of the journey, and I look forward to working closely with all stakeholders in the London ecosystem to build startups that are able to scale in both Europe and Asia.”