Infocomm sets up shop in the City with £124m to invest in startups
SINGAPORE venture capital (VC) fund Infocomm is setting up shop in the capital, bringing $200m (£124m) to invest in startups in London and Europe for the first time.
The move was spurred by the momentum in the capital’s tech sector and the new outpost makes permanent an 18-month “commuter relationship” with the City, Infocomm chairman Steve Leonard told City A.M.
Tech firms in the capital have already attracted $1bn of investment this year, and Infocomm joins new funds from Google Ventures, Santander and Balderton Capital, which launched in the City in 2014.
Infocomm will make its $200m evergreen investment fund available to European startups in the capital for the first time, expanding its existing presence in Asia and the US.
The VC fund is looking to back startups across the region, typically co-investing $1m-$5m with similar firms, with the potential of up to $10m. Leonard highlighted the synergy between London and Singapore.
Fintech accelerator outfit Startupbootcamp is Infocomm’s first investment in London as it seeks to forge ties between the two cities.