Singapore-based firm launches venture capital fund

A Singapore-based early-stage venture capital firm announced on Friday it has secured a new 20 million Singapore dollar (14 million U.S. dollars) fund.

Extream Ventures, a Singapore-based early-stage venture capital firm, has secured commitments from Georgieff Capital (Germany) and ART Texas Capital (the United States) for Extream Venture Fund I. The new early-stage fund focused on supporting the next generation of emerging technologies in Singapore.

Extream Ventures is funded by institutional investors, high net worth individuals and the National Research Foundation (NRF) of Singapore. It is one of only six funds managers selected under the NRF's Early Stage Venture Funding Scheme.

"To develop a dynamic economy with a vibrant entrepreneurial sector, we need to make innovation a pervasive culture. With these new partnerships, we hope that more technologically innovative businesses can be developed to grow and nurture our home-grown Singapore start-ups into global enterprises," said Francis Yeoh, Chief Executive Officer of NRF.

Source: Xinhua