The Singapore National Research Foundation (NRF), an R&D department operating under the Prime Minister’s office, announced yesterday that it has budgeted SG$40 million (US$28.3 million) for the Early Stage Venture Fund (ESVF) to support the startup ecosystem.
The NRF will not be directly funding startups, but rather will match funding from large VCs in an effort to incentivise investments.
VCs need to submit their proposals in October 2015 and recipients will be chosen by the end of March 2016.
