Business

$57m S'pore fund to help start-ups

A new fund worth about US$40 million (S$57 million) has been launched by a Singaporean-founded investment vehicle to help start-ups grow.

The US-focused fund, Fika Ventures, set up by Singaporean Zhuo Tianxiang and two partners, will focus on US technology start-ups in enterprise software, financial technology, marketplaces and digital health.

It is backed by US-based investors, as well as prominent local players, including Singapore Press Holdings' corporate venture arm, SPH Media Fund, Poems, a unit of PhillipCapital, and CWT chief executive Loi Pok Yen.

Mr Zhuo, 33, said Fika Ventures is focused mainly on seed-stage or growth firms.

The fund has already made three investments.

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