Singapore EDB Boosts Corporate Venture Program with S$32 Million for CVL 3.0

The Singapore Economic Development Board (EDB) has unveiled an increase in funding for its corporate venture initiative, pledging S$32 million (US$25 million) over the next two years. This investment will fuel the third iteration of the Corporate Venture Launchpad (CVL 3.0), aimed at strengthening partnerships between companies based in Singapore and emerging startups.

The new investment surpasses the S$20 million allocated to the second edition of CVL in 2022. CVL 3.0 seeks to help companies build new ventures, as well as facilitate more seamless partnerships between established firms and emerging startups, driving innovation and growth within Singapore’s business ecosystem.

The EDB has appointed nine partners to support CVL 3.0, including Venture Studio and Open Innovation Partners. These partners will collaborate with EDB’s New Ventures team to help companies innovate and establish new ventures in Singapore. The program will guide participants through six-month sprints to validate concepts and build long-term venture creation capabilities.

Jacqueline Poh, Managing Director of EDB, said that CVL 3.0 continues to drive innovation by leveraging Singapore’s business ecosystem. She noted that the program is designed to support deeper partnerships between corporates and startups, ultimately enhancing the country’s innovation landscape.

Since its launch in May 2021 with an initial S$10 million in pilot funding, the CVL program has assisted 24 companies in starting 14 new ventures. These ventures, headquartered in Singapore and aimed at regional markets, have collectively secured over S$70 million in additional funding.

For instance, the previous edition, CVL 2.0, helped French energy group Engie’s venture arm, Engie Factory, incubate ventures focused on battery management software and biomass-to-energy applications.

The latest funding, 60% higher than the previous S$20 million commitment, plans to build on the program’s success. CVL 3.0 will facilitate meaningful commercial outcomes and create more opportunities for startups within Singapore’s entrepreneurial ecosystem by working with venture studios and open innovation partners.

With CVL 3.0, the EDB aims to address challenges identified in previous editions, such as misaligned expectations between startups and large corporates. 

Poh noted that the new edition will include a capability-building program to improve collaboration and best practices for working with startups. EDB will co-fund up to half the costs for manpower and professional services and provide additional grants for pilot projects with startup partners.

Applications for CVL 3.0 are now open. The EDB, a government agency under Singapore’s Ministry of Trade and Industry, continues to drive Singapore’s global business, innovation, and talent strategies. The EDB New Ventures team will work with established companies and entrepreneurs to scale high-potential ventures from Singapore to global prominence.

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