S'pore venture funds up

S'pore venture funds up

SINGAPORE (AFP): Venture capital firms in Singapore now manage a S$10.2 billion (US$5.9 billion) in funding for start-ups and established businesses as of end-1999, the government said.

The figure was up by $1.4 billion from 1998, said a survey of Singapore-based fund management groups by the Economic Development Board and the National Science and Technology Board.

Of an estimated $1.35 billion disbursed last year, one-third went into 130 investments in Singapore, more than double the amount committed to 83 investments in 1998.

"Technology-based companies accounted for more than half of all investments in 1999, both in terms of investments into Singapore and worldwide," the survey said.