“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.”
Innov8 invests in start-ups that align with Singtel Group businesses in the areas of 5G, Artificial Intelligence (AI), the digital economy, sustainability, cyber security and emerging technologies.
It also operates using an evergreen fund model, where it re-invests returns from portfolio exits into new investments. Its portfolio spans Southeast Asia, the US, China, Israel and Australia.
“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," added Edgar Hardless, chief executive officer, Singtel Innov8.
"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.”
