Red Dot Ventures, an early stage investment firm under the National Research Foundation’s Technology Incubation Scheme, has announced today that it has invested SGD589K (USD482K) in iCarsClub – a Singapore-based startup providing a marketplace to rent underutilized private cars.
The online platform enables car owners to list their vehicles, which can then be rented by other users. This enables them to make better use of their vehicle’s down time and earn some extra income on the side. Read more
Singapore-based early stage fund TNF Ventures has invested SGD 588K (USD 475K) in MoGi, a mobile wallet app developed by Mobile Media Creations. The Singapore government’s National Research Foundation is a co-investor through the Technology Incubation Scheme.
Available on iPhone and Android for free, MoGi enables users to store virtual pre-paid cards, rewards programs, and discount coupons to over 220 dining, health, retail, and beauty outlets in Singapore. Users can even send gifts to one another. It was launched in October 2012. Read more
TabSquare, a Singapore-based eMenu provider for restaurants, today announced that it has raised SGD 589K (USD 480K) from Get2Volume with co-funding from the Singapore National Research Foundation via the Technology Incubation Scheme.
The company is essentially an end-to-end service provider to restaurants and resorts. It offers a range of products, including interactive menus displayed from tablets, order management systems, real-time queue management systems, and self-order kiosks.
Besides supplying software, the company also provides hardware, security, internet connectivity, analytics, maintenance support, consulting, as well as marketing. Restaurants pay for these services through a monthly subscription, charged based on per tablet menu. Read more
Sogamo, a Singapore-based real-time analytics and personalization engine for social games, has recently closed USD 500K in seed funding from Incuvest and NRF under the Technology Incubation Scheme (TIS). The funds will help ZelRealm, the company behind Sogamo, scale and market their product. Read more
Singapore-based technology startup incubator Red Dot Ventures announced yesterday that it has invested SGD589k (USD480k) in Innova Technology, a Singapore startup that has developed consumer loss-prevention device Protag.
In the press release, Red Dot Ventures states that it will provide the company not just with funding, but also mentorship from experienced entrepreneurs in the consumer digital space, as well as market access to Asia Pacific, the Americas, and Europe.
The National Research Foundation (NRF), a Singapore government agency, has picked eight more incubators for its Technology Incubation Scheme (TIS).
The eight incubators are: Get2Volume, Golden Gate Venture Investments, Incuvest, Jungle Ventures, Red Dot Ventures, The Biofactory, The Network Fund (TNF), and WaveMaker Labs. Full details in the press release.
Under TIS, the NRF will co-fund up to 85 percent of total investment per company, or up to S$500k (US$400k), with the rest topped up by the venture firm. Only Singapore-based startups need apply.
The incubators can choose to buy out NRF’s equity share within three years of investment, at a price of 1.1 times capital in the first two years, and 1.15 times capital in year three.
Born in 2006, the NRF dictates the country’s direction for R&D by developing national policies and planning strategies for innovation, enterprise, and research. Read more
Clearbridge Accelerator, a Singapore-based technology incubator that focuses on biomedical devices, nanotech, advanced material sciences and computational algorithms, has received an investment from Tim Draper, founder and managing director of venture capital firm Draper Fisher Jurvetson, according to a press release. Read more
We have been waiting with bated breath for the first round of investments coming from the National Research Foundation (NRF) Technology Incubation Scheme’s (TIS) incubators. Just revealed, only three out of the seven have made investments: Clearbridge Accelerator, Neoteny Labs and Social Slingshot; in a total of seven startups. Read more
Back in August 2009, the National Research Foundation (NRF) of Singapore announced a call for incubators to apply for a new Technology Incubation Scheme (TIS). The scheme, with its 85-15 (gov-incubator) funding split and attractive buyout options, favours the incubator who has the resources to fullfill its criteria and execute operations. When the call was announced, there were no specific number of incubators that NRF said they will appoint. It would all have to depend on the quality of incubators who applied. Now, 7 incubators have been selected. Here they are. Read more
In another move by the government to make up for the dearth of funds in Singapore, the National Research Foundation has issued a Call for Proposal for the new Technology Incubation Scheme (TIS). Modeled after Israel’s Technological Incubator Programme, NRF will co-invest up to 85% or S$0.5 million per startup, with an appointed incubator investing the rest (at least 15% of the total investment). Read more