Lim Ming Yan, President and Group CEO, CapitaLand, announcing the launch of C31 Ventures, a new fund to tap global tech start-ups. (Photo: CapitaLand)
In its ongoing effort to innovate and build real estate of the future, CapitaLand is setting up a joint venture fund to tap global tech start-ups.
The property giant is prepared to invest up to $100 million.
Dubbed C31 Ventures, the new fund started with a $15 million investment in the Early Stage Venture Fund III (ESVFIII) by the National Research Foundation (NRF) in May for local tech start-ups.
C31 Ventures was announced by CapitaLand President and Group CEO Lim Ming Yan at a recent networking event in San Francisco. The event attracted over 50 attendees from start-ups and venture capital firms in the Bay Area.
“C31 Ventures will allow CapitaLand to invest in promising tech start-ups that are relevant and add value to our business,” said Lim.
“CapitaLand’s portfolio of real estate assets offers a living lab to start-ups where they can validate their ideas and prototypes. Given our strong foothold in Asia, CapitaLand will also serve as a conduit for start-ups to enter the regional market, especially China.
“We are confident C31 Ventures will greatly sharpen our innovation focus on real estate and customer engagement, bolstering our efforts to develop integrated and interconnected smart buildings as well as create seamless online and offline customer experiences,” he noted.
He added that CapitaLand is “future-proofing its business by leveraging technology to innovate and build real estate of tomorrow”.
C31 Ventures targets start-up companies that fit into CapitaLand’s focus areas of innovation in building and construction, energy, operations and maintenance, design and building materials, customer engagement and real estate funding.
Shortlisted start-ups will be assessed based on a combination of criteria ranging from speed to market, product and financial viability, to valuation and operating metrics.
The start-ups will be reviewed by an investment committee comprising CapitaLand’s senior management and external advisors, including notable venture capitalists.
The launch of C31 Ventures marked the end of CapitaLand’s tech-scout trip to New York and San Francisco, where the group met various start-ups, including those in data analytics, the Internet of Things, and virtual and augmented reality sectors.
The group also joined the Microsoft Accelerator programme earlier this month as an official global network partner to provide mentorship to start-ups, and gain access to new technology and ideas.
In May, CapitaLand was selected to co-invest in the ESVFIII by the NRF, a department within the Prime Minister’s Office of Singapore. The $25 million fund comprises $15 million from C31 Ventures and $10 million from the NRF. Under the ESVFIII, CapitaLand will invest in Singapore tech start-ups with innovations that will enhance and complement its business.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
