Singapore’s United Overseas Bank (UOB) after pumping $10 million in OurCrowd earlier this year, participated in its Series C round of funding. The global equity crowdfunding leader raised $72 million in Series C funding from a cohort of investors including financial institutions, family offices, and private investors from five continents.
Founded in 2013, OurCrowd will utilize half of the secured funds in expansion of their seven global offices and further developing their technology platform.
Jon Medved, Founder and CEO of OurCrowd added,
The other half of the Series C funding will be used to make sure that each and every company which raises funding on our platform receives participating investment from the General Partner on the same terms as the crowd. This new capital will help us hit our goal of investing $1 billion annually by 2020.
The platform has invested in 100 portfolio companies and funds till date with total investment exceeding a massive $300 million. It has had nine exits from its portfolio investments – two IPO’s and seven acquisitions. These include ReWalk (IPO: Nasdaq), Crosswise (bought by Oracle), Replay Technologies (bought by Intel), and NextPeer (bought by Viber).
Other participating were not disclosed in the official press statement but UOB itself issued a statement confirming its participation in the Series C round.
Janet Young, Managing Director of Group Channels and Digitalization at UOB Group said,
We look forward to working closely with OurCrowd to further develop their platform to support the startup ecosystem both in Singapore and the broader Asian market. Our investment into this Series C funding for OurCrowd reinforces our commitment to supporting startups and small businesses.
Last month, Monetary Authority of Singapore (MAS) issued a full Capital Market Services (CMS) license to OurCrowd which enabled it to provide its services in the Lion City.
Managed by a team of seasoned investment professionals and led by serial entrepreneur Jon Medved, OurCrowd vets and selects opportunities, invests its own capital, and brings companies to its accredited membership of global investors.