EDB to inject $32m to expand venture programme for startup collaboration

The programme boosts partnerships between Singapore-based companies and startups.

The Singapore Economic Development Board (EDB) will commit $32m over the next two years to expand the Corporate Venture Launchpad (CVL 3.0), which aims to boost partnerships between Singapore-based companies and startups.

EDB’s New Ventures team, along with nine CVL 3.0 partners, will work with selected companies to innovate in new growth areas and develop capabilities for effective corporate-startup collaborations.

The nine CVL partners comprise Venture Studios and Open Innovation Partners, which include Wright Partners and Plug and Play. The Open Innovation Partners will help companies engage with high-quality startups and achieve significant commercial outcomes.

Under CVL 3.0, EDB will co-fund up to 50% of professional services and manpower costs for each concept validation sprint and startup partnership.

Select companies can also receive additional grant support to launch and scale startup pilot projects, co-developed with their startup partners.

In addition, companies can also have access to regional and global ecosystem connections, including investment opportunities from EDBI, and a network of relevant VCs and family offices.

Since its launch in May 2021, CVL has supported 24 companies in launching 14 new ventures all headquartered in Singapore.

CVL was launched with an initial $10m pilot funding. Subsequently, EDB expanded the programme to include more companies and committed additional funding of $20m.