Singapore based CapitaLand Limited is setting up a venture fund C31 Ventures to invest in technology startups with an aim to innovate and build real estate of the future.
C31 Ventures was launched by CapitaLand President and Group CEO Lim Ming Yan at a recent networking event in San Francisco. The event was attended by over 50 people belonging to start-ups and venture capital firms in the Bay Area.
In a statement on Wednesday, Lim said that the real estate company is prepared to eventually invest up to $100 million, starting with its $15 million investment in the Early Stage Venture Fund III (ESVFIII) by Singapore’s National Research Foundation (NRF) in May this year for local tech startups. C31 Ventures will target Series A to Series C start-up companies that comply with CapitaLand’s focus areas of innovation in energy, operations and maintenance; building and construction; design and building materials; real estate funding as well as customer engagement. It is seeking investment opportunities beyond Singapore.
C31 Ventures will allow CapitaLand to invest in promising tech start-ups that are relevant and add value to our business. CapitaLand’s portfolio of real estate assets offers a living lab to start-ups where they can validate their ideas and prototypes.
Shortlisted startups will be assessed based on a combination of criteria ranging from speed to market, product and financial viability, to valuation and operating metrics.They will be reviewed by an investment committee comprising CapitaLand’s senior management and external advisors, including notable venture capitalists. Under the ESVFIII, CapitaLand will invest in Singapore tech start-ups with innovations that will enhance and complement its business.