Participants can take advantage of Songdo as a development centre and test bed, while also having access to local and global corporations
SparkLabs Group, a global network of start-up accelerators and venture capital funds, has announced it is partnering with tech investment firm, IncuVest, and introducing its Internet of Things (IoT) and smart city accelerator programme to Singapore.
The accelerator is a global programme with start-ups from the North America, Europe, and Asia. It invests $50,000 for up to six per cent stake in a company.
SparkLabs’ IoT programme already has an exclusive relationship with Songdo, a US$35bn smart city built from the ground up in South Korea.
“We are excited about expanding our presence to Singapore. It will still be a global programme but will leverage Singapore’s leadership in designing and developing smart cities around the globe. Bringing Ronnie Wee and the IncuVest team on board, strengthens our team," said Jay McCarthy, co-founder of SparkLabs Group.
This combination of our global network and deal flow, Songdo and South Korea’s innovation leadership and Singapore’s world-class urban planning, development and global projects, creates incredible opportunities for our companies and partners."
IncuVest is a Singapore-based early-stage investment and services. The firm was founded by investors, corporate executives and serial entrepreneurs with extensive experience in start-up investing and building businesses across Asia.
“We see tremendous opportunities by combining the breadth, depth and experience of both SparkLabs and IncuVest to source, invest and deploy world-class, smart city and IoT solutions globally,” added Ronnie Wee, co-founder and managing partner of IncuVest.
"It will still be a global programme but will leverage Singapore’s leadership in designing and developing smart cities around the globe"
“IncuVest, and our partners, have been actively identifying, investing and deploying deep tech solutions, with strong support from the Singapore government. Our partners include global leaders in smart city design, planning, development and management, which provide an interesting piloting and go-to-market channel for our start-ups.”
Located in the world’s first smart city, Songdo, SparkLabs’ IoT accelerator focuses on start-ups positioned where hardware and software converge, particularly in the IOT, infrastructure, logistics and smart home sectors.
The mentorship-driven programme will be five months in length and provides funding, office space, a structure and access to a top-tier network of entrepreneurs, venture capitalists, angel investors and executives.
Open to local and overseas start-ups, participants can take advantage of Songdo as a development centre and test bed, while also having access to local and global corporations, investors, and suppliers and manufacturers in the world’s most connected country.
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