Even more funding is destined for European startups as Singapore VC Infocomm opens up its $200m fund to Europe for the first time.
Yesterday, Google Ventures Europe revealed their investment strategy for the British and European startups, and this new fund is further validation for the European tech.
Infocomm also announced it has made its first investment in accelerator Startupbootcamp Fintech.
Fintech focus
Chairman of Infocomm Investments Steve Leonard told Tech City News that fintech will be one of the big areas the VC firm will focus on.
Finance-based startups offer the perfect opportunity for rapid expansion in both Europe and Asia, says Leonard.
London and Singapore are two of the most influential financial hubs in the world. Both offer ample opportunity for fintech startups based in one city to explore the other.
Natural partnership
Infocomm hopes that its activity in Europe will also benefit startups beyond the fintech space.
Leonard explained:
Singapore and London are natural partners, and we see London as our gateway into Europe, and we want London to see Singapore as the best gateway to the booming Asian markets.
He added that he hopes European and American startups will look towards Asia earlier on in their expansion and make the most of the 400m people who live within a few hours’ flight of Singapore.
Asian reluctance
Leonard believes there has thus far been a reluctance for startups to expand to Asia, mostly down to a “lack of familiarity”. He cited the distance from most startups’ headquarters and a “lack of understanding” of the markets as possible reasons.
With its new presence in London, the firm is looking to partner with accelerators to grow its network within the UK and Europe.
Much like Google Ventures announced yesterday, it plans to co-invest with other leading venture capitalists for the majority of its investments.
Most of the firms’ investments will range between $1m and $5m, which Leonard said was the firm’s “sweet spot”.