Sequoia Capital In Singapore After A Year, Has Yet To Invest In A Local Startup

When Sequoia Capital India landed in Singapore quietly in 2012, the buzz around town was that a big-name US fund being in the country was going to really jolt the market and provide serious cred to the startups here. The Indian team running operations here, however, appears to have spent the last year of its time in the island state helping startups in its India portfolio expand into Singapore, rather than directly investing in startups here. However, the company just moved into a fancy?new co-working space called?The Co, and is its anchor tenant, so it could be a sign that it?s trying to get closer to local startups. Previously, it?operated out of a service office in High Street. Singapore is a popular choice as a base for foreign companies looking to expand into Southeast Asia, because it’s a mature market with plenty of infrastructure available. But as a tiny country, it’s not often the main addressable user base, and startups originating from Singapore are also taught to have expansion plans charted. Early last year, Sequoia Capital India MD, Shailendra Jit Singh, expressed interest in having the fund?s companies expand into the region. Sequoia Cap in the US also appeared to have been eyeing activity in Singapore for a while?it had its first offsite meeting in the country in 2011, and was in discussion with Singaporean Prime Minister Lee Hsien Loong about its presence here. The Prime Minister?s Office oversees its R&D arm, the National Research Foundation (NRF), which has been busy backing local venture capital firms here over the past few years. Its Technology Incubation Scheme is a program that distributes seed funding to startups picked by 11 NRF-appointed VCs. The NRF matches investment values in the proportion of 85 percent to 15 percent?the larger portion dished out by the government. This allows the VCs here to provide bigger sums of seed capital to startups, with much of the risk absorbed by the NRF. Former NRF projects head, Yinglan Tan, was also pulled over to Sequoia Capital India?s team in July last year, where he is now a venture partner based in Singapore. When I ran into Tan in Manila a couple of months ago, he was evasive about Sequoia’s activities in Singapore, but was happy to try to set up meetings with their existing portfolio companies in Singapore?all Indian-based startups, except for Airbnb and Evernote. Some of these companies

Source: http://feedproxy.google.com/~r/Techcrunch/~3/9RLBrFSLBM8/

modesto st louis weather guinea bissau google stock google stock china gdp dont trust the b in apartment 23