The Singapore Economic Development Board (EDB) is investing S$32 million ($24.57 million) over the next two years to advance corporate venturing through the Corporate Venture Launchpad (CVL 3.0).
This latest iteration aims to facilitate partnerships between Singapore-based companies and startups, with EDB’s New Ventures team collaborating with nine partners to foster innovation.
Since its inception in May 2021, the CVL program has supported 24 companies in launching 14 new ventures, receiving over S$70 million ($53.75 million) in follow-on funding. CVL 3.0 will introduce enhanced support for corporate-startup collaborations, including co-developing products and adopting innovative solutions.
The expanded program will provide co-funding for concept validation and startup partnerships, along with access to regional and global ecosystems, helping companies and startups thrive in Singapore’s business landscape.
Article by TN Global. Read more here or in the PDF below.
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