iGlobe Partners has closed the iGlobe Platinum Fund III, raising USD 100 million for investments in game-changing innovations, targeted at the development of high-growth areas in smart cities, synthetic biology, and fintech.
“Platinum Fund III has started off with strong momentum. Despite the challenges brought about by COVID-19, our extensive network has allowed us to continue business as usual, with investments in promising companies across Asia, Europe, and the United States. Over the next six months, we will also benefit from two upcoming portfolio exits in the US stock exchange, allowing us to deliver strong early returns to our investors. The pandemic is accelerating adoption of technology across multiple industries, and this is a strong validation of our fund thesis to invest in game changers globally,” said Soo Boon Koh, founder and managing partner of iGlobe Partners.
Founded in Silicon Valley in 1999, iGlobe Partners now has its headquarters in Singapore as the country’s pioneer venture capital firm. iGlobe is a multinational firm with a track record in identifying fundamentally new ways of doing business through the lens of rapidly changing tech sectors. iGlobe’s worldwide investment strategy casts a balanced approach to building its portfolio, highlighting its meticulous selection of entrepreneurs and teams that are building metamorphic technologies.
iGlobe’s panel of partners and advisors collectively bring decades of technology investment experience through multiple economic cycles. The firm’s competitive advantage is its team’s multi-cultural and multi-disciplinary make-up combined with their operating skill sets in strategy, operations, technology product development, mergers and acquisitions, and private equity. The team-oriented investment approach has benefited portfolio companies by bringing together partners with a strong and balanced combination of commercial, operational, financial, technology, and investment expertise.
Initially set for final close in November 2021, the USD 100 million iGlobe Platinum Fund III closed oversubscribed and ahead of plan at the end of May this year. The fund has invested in various tech companies to date, such as Matterport, C2i Genomics, NerdWallet (US), Streetbees (UK), Docquity (Singapore), and Tonik (the Philippines).
“Our picks for smart cities are based on the convergence of deep tech and engineering with verticals that will redefine industries, such as healthcare, logistics, mobility, and robotics. Our bets on synthetic biology are based on the confluence of deep tech, biology, and chemistry, creating new sustainable materials, foods, and therapeutics that leverage on the discoveries and inventions in this field. For fintech, we are looking at innovative business models that will provide access to banking, payments, retail, insurance, and financial services in novel ways, across huge populations of users,” said Dr. Yoke Sin Chong, iGlobe Partners managing partner.
With Platinum Fund III, iGlobe Partners will continue to invest in growth-stage tech startups, from pre-Series A to Series C, over the next three years. Ticket sizes will range from USD 500,000 to USD 10 million.
Globalization at the core
iGlobe Partners has an active and effective network of partners and advisors globally. The firm actively assists its portfolio companies to expand beyond their national footprints, whether through connecting them with business partners or new customers.
iGlobe is often the sole investor from Asia in the investment deals it is involved in. “Our global network allows us to facilitate as the bridge between the Western and Asian startup ecosystems. That is our unique proposition and what often makes us the investor of choice.” said Chong.
iGlobe is Asia Pacific’s premier cross-border venture capital fund manager. Since the firm’s founding in 1999, iGlobe has managed funds exceeding USD 500 million for its investors. Its 2010 vintage year fund, iGlobe Platinum Fund I, has delivered 13 times capital return with a net IRR of 33%, making it one of the top 5% of VC funds inaugurated in 2010 globally. Successful and upcoming exits include Unity Software (NYSE:U), Twist Bioscience (NASDAQ: TWST), ACSL (TYO: 6232), Matterport, Hippo Enterprises, Ginkgo Bioworks, and Nerdwallet.