Singapore fintech to boost Australia’s low venture capital usage
Singapore-based fintech platform Fundnel has expanded into Australia in a new venture to assist Australian investors who are cautious to head offshore and are not utilising venture capital funds effectively.
Fundnel will be based in South Australia and will be working in conjunction with the University of Adelaide’s ThincLab incubator.
Fundnel’s platform in Australia would set to create further room for innovation and support local businesses in their acceleration of capital growth.
Operations would be headed by CapBridge co-founder Dr Steven Fang, who said Australian investors followed an established trend in the Asia-Pacific region and were more enticed by on-shore investment opportunities.
“Fundnel has already experienced success in Singapore, India and Indonesia, and Australia will be no exception,” he said.
“Fundnel’s efforts…help professional and institutional investors diversify their portfolios with a new asset class, while empowering local companies grow and succeed.”
Commenting on the expansion into Australia, Fundnel chief executive, Kelvin Lee said: “Australian investors tend to favour domestic opportunities, and there is a high level of enthusiasm in supporting local – a similar sentiment that resides at the core of Fundnel’s beliefs”.
“We have already commenced groundwork on three pilot deals, and we expect many more successes in a strong pipeline that the team has worked hard to build,” he said.
Fundnel would also work with HealthSA, TechinSA and InvestSA to building a business presence in Sydney, Perth, and Melbourne.
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Hope William-Smith
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