– DeClout’s new incubator will nurture local startups in financial technology (“fintech”), cybersecurity, data analytics and smart logistics with support from SPRING Singapore’s Startup SG Accelerator scheme
– Further exemplifies DeClout’s unique value proposition and position as a next-generation business accelerator, following fund awarded by the National Research Foundation (“NRF”) in 2016
SINGAPORE — SGX-Catalist-listed DeClout Limited (“DeClout” or the “Company”, and together with its subsidiaries and associated companies, the “Group”) announced today that its wholly-owned subsidiary, DeClout Investments Pte. Ltd. (“DeClout Investments”), has launched an incubator arm to groom highgrowth local startups from Information and Communication Technology (“ICT”) sectors.
Under its incubation programme, DeClout will mentor early-stage startups and help them in product development, proof-of-concept, commercialisation and subsequent fundraising. DeClout will be engaging startups in fintech, cybersecurity, data analytics and smart logistics as these areas are key ICT market niches with potential for disruptive innovation.
DeClout will be supported under SPRING Singapore’s Startup SG Accelerator[1] scheme. As part of Startup SG, DeClout will be another important node in the Singapore startup ecosystem that marks Singapore as a destination for developing innovative ideas and scaling up startups. This builds on the momentum from the S$10 million venture capital fund committed by NRF in May 2016 to co-invest with DeClout in ICT startups in Singapore. The support received exemplifies the Group’s unique position as a next-generation business accelerator in Singapore.
DeClout Investments was incorporated as a two-tier platform comprising incubation and fund-raising facilitation for startups and growth enterprise. The incubation tier will focus on leveraging the Group’s business network, domain expertise as well as industry knowledge and know-how to create a next-generation business accelerator which can value-add to the startups. Conjointly, the fund-raising facilitation tier will work on initiatives with government bodies and like-minded partners to allow greater access to financing and investments for the enterprises. The Group will also capitalise on opportunities to capture potential value and yield synergies within the DeClout group of companies.
“We are honoured to have the opportunity to groom local ICT startups and receive the support from SPRING Singapore. With our proven abilities in accessing global markets, scaling through merger and acquisition and fundraising, we will continue to help entrepreneurs in their startup journey. Having walked the path of an entrepreneur ourselves, we are committed to imparting our knowledge and expertise to the next generation in Singapore,” said Mr Vesmond Wong, Chairman and Group Chief Executive Officer, DeClout.
Mr Ted Tan, Deputy Chief Executive, SPRING Singapore, said, “We are happy to support DeClout in its incubation efforts to help startups develop innovative products and go to market more quickly. This is aligned with SPRING’s aim to encourage more corporations to take the lead in aiding the growth of startups in Singapore. With DeClout’s track record of successfully scaling businesses into global players, we look forward to its progressive role in enhancing our startup ecosystem.”
[1] The “Startup SG Accelerator” scheme will replace the “Incubator Development Programme” or “IDP” from 1 May 2017. For more information on Startup SG Accelerator and other startup-related schemes, please visit http://www.startupsg.net.