Seed-stage startup investor SeedPlus has raised over US$18 million (£14.05 million) for its first fund, it announced today. This was the targeted amount but was oversubscribed, partner Michael Smith Jr. tells Tech in Asia.
SeedPlus launched in May last year, when investment firms Jungle Ventures, Infocomm Investments (now SGInnovate), Accel Partners, and Ratan Tata’s RNT Associates came together to invest in seed-stage startups in Singapore.
The fund has made five deals so far, including AI assistant maker Mimetic.ai, mobile app security startup Appknox, and marketplace for elderly care Homage. The team doesn’t share its expected returns or what the timeframe for those returns is.