Singtel plans to invest a further $100 million into Singtel Innov8, its corporate venture arm, raising its total capital commitment to $350 million. One of the earliest corporate venture capital firms in Southeast Asia, Innov8 invests in start-ups that align with Singtel Group businesses in the areas of 5G, artificial Intelligence, the digital economy, sustainability, cybersecurity and emerging technologies. It operates on an evergreen fund model, re-investing returns from portfolio exits into new investments. With the capital injection, Innov8 will further expand its portfolio of investments in Southeast Asia, the United States, China, Israel and Australia.
“This capital infusion is meant for identifying and growing innovative start-ups with new technologies and capabilities that are synergistic and in lockstep with Singtel’s strategic reset to drive greater improvements in our core operations, accelerate our new growth engines, and place us at the forefront of new and fast-evolving areas,” said Yuen Kuan Moon, Group Chief Executive Officer of Singtel and Chairman of Singtel Innov8. “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.”
Edgar Hardless, Chief Executive Officer, Singtel Innov8 added, “Singtel Innov8 is empowered to move quickly to capture investment opportunities in the fast-paced venture market. Our mandate is flexible, allowing us to invest in both early and growth stage companies. We believe in backing founders to execute on their vision and support the company’s growth through partnerships with the Singtel Group. Innov8 facilitates access to businesses units across the Group’s footprint, evangelises innovative technologies within the Group, and supports partnerships with the business units. This additional funding and our proven approach will help drive further investment deal flow and greater collaboration with the start-up ecosystem, unlocking more value for both the Group and our portfolio companies.”