iGlobe Partners closes new US$100M fund to back startups innovating in smart cities, synthetic biology, fintech
Singapore-headquareterd cross-border VC firm, iGlobe Partners, today announced the closing of its third fund at US$100 million.
iGlobe Platinum Fund III seeks to back startups building solutions in smart cities, synthetic biology, and fintech.
With the fund, iGlobe aims to continue investing in growth-stage tech startups, from pre-Series A to Series C, over the next three years.
Ticket sizes will range from US$500,000 to US$10 million.
The fund has already invested in Matterport (US), C2i Genomics (US), NerdWallet (US), Streetbees (UK), Docquity (Singapore), and Tonik (the Philippines).
“Over the next six months, we will also benefit from two upcoming portfolio exits (Unity Software, Twist Bioscience) in the US stock exchange, allowing us to deliver strong early returns to our investors. The pandemic is accelerating the adoption of technology across multiple industries, and this is a strong validation of our fund thesis to invest in game changers globally,” said Soo Boon Koh, Founder, and Managing Partner of iGlobe Partners.
Originally founded in Silicon Valley in 1999, iGlobe helps its portfolio companies expand beyond their national footprints, as it aims to bridge the gap between Western and Asian startup ecosystems.
Since its founding, iGlobe has managed funds exceeding US$500 million for its investors.
Its 2010 vintage-year fund, iGlobe Platinum Fund I, claims to have delivered 13 times capital return with a net IRR (Internal Rate of Return) of 33 per cent.
Some of its successful and upcoming exits include Unity Software, Twist Bioscience, ACSL, Matterport, Hippo Enterprises, Ginkgo Bioworks, and Nerdwallet.
“Our picks for smart cities are based on the convergence of deeptech and engineering with verticals that will redefine industries, such as healthcare, logistics, mobility, and robotics,” said Dr. Yoke Sin Chong, iGlobe Partners Managing Partner.
“Our bets on synthetic biology are based on the confluence of deep tech, biology, and chemistry, creating new sustainable materials, foods, and therapeutics that leverage on the discoveries and inventions in this field. For fintech, we are looking at innovative business models that will provide access to banking, payments, retail, insurance, and financial services in novel ways, across huge populations of users,” she added.
Image Credit: iGlobe Partners
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,iGlobe Partners closes new US$100M fund to back startups innovating in smart cities, synthetic biology, fintech | e27
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