Vertex Progress Fund of Vertex Enterprise Holdings has lately raised US$290 million for its inaugural fund, exceeding its goal of US$250 million.
This funding spherical is led by Vertex Enterprise, the Singapore-based VC arm of funding agency Temasek Holdings.
Singapore-headquartered Vertex Progress presents development capital to world startups, particularly these rising from the early-stage portfolio throughout the Vertex community.
It at present has about 200 corporations in its early-stage portfolio.
The agency will make investments about US$10 million to US$15 million in every startup, usually within the third and fourth spherical of funding.
It is a large sum in comparison with US$three million to US$four million by affiliate funds in early rounds, in response to DealStreetAsia.
So far, Vertex Progress have backed startups like Seize, Waze and Mobike.
Vertex Progress presents traders early entry to next-generation know-how, stated managing director Tan Hock Chuan.
“We proceed to see wholesome curiosity, notably from corporates who make investments with a view to realize insights on innovation themes which may be related to their core companies,” he added.
Featured Picture Credit score: Vertex Progress Fund