Singapore-based cross-border venture capital investor iGlobe Partners announced that it has raised $100 million for its latest fund – iGlobe Platinum Fund III – that will invest in innovations in the areas of smart cities, synthetic biology, and financial technology.
Initially set for final close in November 2021, the $100-million iGlobe Platinum Fund III closed oversubscribed and ahead of plan at the end of May this year.
The fund has already invested in various tech companies to date, including Matterport, C2i Genomics, NerdWallet (US), Streetbees (UK), Docquity (Singapore), and Tonik (the Philippines).
iGlobe Partners said it will continue to invest in growth-stage tech startups, from pre-Series A to Series C, over the next three years, with ticket sizes ranging from $500,000 to $10 million, through the latest fund.
Founder and managing partner Soo Boon Koh said the global pandemic is accelerating the adoption of technology across multiple industries, a strong validation of the fund’s thesis to invest in game changers globally.
“Despite the challenges brought about by COVID-19, our extensive network has allowed us to continue business as usual, with investments in promising companies across Asia, Europe, and the United States,” Koh said.
iGlobe Partners was founded in Silicon Valley in 1999. It now has its headquarters in Singapore. Its 2010 vintage fund – iGlobe Platinum Fund I – has delivered 13 times capital return with a net IRR of 33%, making it one of the top 5% of VC funds inaugurated in 2010 globally.
Successful and upcoming exits include Unity Software (NYSE:U), Twist Bioscience (NASDAQ: TWST), ACSL (TYO: 6232), Matterport, Hippo Enterprises, Gingko Bioworks, and Nerdwallet, the company disclosed.
The company’s picks for smart cities are based on the convergence of deep tech and engineering with verticals that will redefine industries, such as healthcare, logistics, mobility, and robotics.
For synthetic biology, the company’s bets are based on the confluence of deep tech, biology, and chemistry, creating new sustainable materials, foods, and therapeutics that leverage on the discoveries and inventions in this field.
For fintech, iGlobe Partners is looking at innovative business models that will provide access to banking, payments, retail, insurance, and financial services in novel ways, across huge populations of users, said Dr. Yoke Sin Chong, the firm’s managing partner in Singapore.