Singapore hatches US$74m China-focused VC fund

Singapore’s Media Development Authority has joined forces with Gobi Partners to formed a US$74 million VC fund focused on digital media and IT opportunities across both China and Singapore.

The news comes hot on the heels of Singapore-based VC firm Temasek’s $30 million investment in Tudou, ‘the Chinese YouTube’, as blogged here.

From the MDA press release:

Gobi Singapore-China Media Ventures Fund, a S$100 million (RMB 480 million) cross-border venture capital fund targeting early- to growth-stage companies in digital media and technology sectors.

The Fund aims to promote bilateral industry co-operation between China and Singapore by providing funding support for Singapore Adding a boost to Singapore’s media financing ecosystem was the launch of the Gobi Singapore-China Media Ventures Fund, a S$100 million (RMB 480 million) cross-border venture capital fund targeting early- to growth-stage companies in digital media and technology sectors.

The Fund aims to promote bilateral industry co-operation between China and Singapore by providing funding support for Singapore companies entering the Chinese market, as well as Chinese companies seeking to internationalise through Singapore. It features a dual currency structure (50% in Singapore dollars and 50% in Renminbi), providing a unique cross-border financing solution for both Chinese and Singapore startups.

The Fund will be managed in Singapore by Gobi Partners, a well-established China-based venture firm with approximately US$250 million in assets under management.

With the Chinese online market and mobile telecom industry already lucrative with considerable room to grow further, Singapore’s MDA is following other established names and brand in looking into opportunities and business in the country.

Singapore existing cultural and language links may provide an advantage for business looking to get a share of the huge financial opportunities on offer in China.

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