Armstrong Joins SPRING Sponsored Co-Investment Scheme

THE investment arm of Spring Singapore, Spring Seeds Capital (SSC), has appointed nine co-investment partners in a bid to catalyse more than S$200 million of investments into early stage startups over the next eight years.

With this initiative, SSC is committing up to S$100 million under the research, innovation and enterprise (RIE) budget. This amount will be matched by private capital raised by the co-investment partners.

The nine appointed partners are: Armstrong Industrial Corporation, HealthXCapital, Heritas Capital Management, Incuvest-Avior, MedTech Alliance 2, Millennia-VFT Ventures, Silicon Solution Partners, Small World Accelerator and Trendlines Medical-K2 Global.

According to Spring Singapore, these partners were selected based on their expertise in the key sectors, and their ability to add value to the startups and shorten their learning curves with the injection of resources.

The new partners will join seven other SSC co-investment partners. Over the past two years, SSC and these partners have co-invested over S$35 million in more than 20 startups in the AME, HBMS and USS sectors.

Said Ted Tan, chairman of SSC and deputy chief executive of Spring Singapore: “Investors, accelerators, and incubators play a key role in catalysing innovative deep tech startups. We look forward to working with our new co-investment partners to identify high-potential startups, assist them in developing their capabilities, and fast-track their entry into the global market.”

As part of the Startup SG Equity scheme, these private sector partners will co-invest in Singapore-based deep tech startups in the sectors of advanced manufacturing & engineering (AME), health & biomedical sciences (HBMS), and urban solutions & sustainability (USS).

“The strategic emerging sectors have immense growth potential and generate significant economic benefit, good jobs, and positive social impact. This includes raising manufacturing productivity through innovation, improving healthcare and quality of life, and ensuring environmental sustainability,” Spring Singapore said in a press statement on Thursday.

Spring Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow; while Startup SG Equity focuses on developing tech startups with intellectual property and global market potential.

Business Times Singapore (2018, Feb 8 Published). Spring Singapore arm appoints private sector partners to co-invest over S$200m in deep-tech startups. Retrieved from