Fenox invested in JFDI (Joyful Frog Digital Incubator) in a $2.1 million round led by Infocomm Investments, a government-linked investment fund to pursue Singapore’s ambitions of becoming the startup hub for all of South East Asia. Other investors in the round include venture capital firm Spin-up partners, as well as angel investors Vijay Saraff, Paul Burmester and Thomas Gorissen.
The fund will be invested into start-ups joining its three boot camps this year. S$25,000 (US$19,700) will be invested into each selected team in exchange for between 5% to 20% of equity depending on the maturity of the startup. JFDI forecasts to incubate 20-30 start-ups in 2014 alone, expanding that by a further 40-60 start-ups in 2015. The 12-week long acceleration program which include four stopovers in various countries, aims to nurture the teams into colossal startups under the supervision of accomplished mentors.
Fenox hope to invigorate the Singapore startup ecosystem through this investment, and continue its support of mid-stage startups from growth to exit. Singapore has been pushing aggressively to become the technological hub for Southeast Asia. In 2013, the country’s technology sector attracted over $1.7 billion in venture investment, up from $28 million in 2011, according to Asia Venture Capital Journal Research.
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