At least 30 percent (S$7.5 million) of the fund launched yesterday will be aimed at Singapore companies, said the SilkRoute Group in a statement.
"We want to create a vibrant and exciting Asian e-commerce industry where new ideas are continually generated," said SilkRoute Group chairman Wong Toon King.
"With increasing competition, the industry needs to evolve from being trend followers to trend-setters," he added.
Wong chairs the investment committee for the SilkRoute E-commerce Fund and will evaluate potential investee start-ups.
These (investee) start-ups will be able to leverage on the expertise of the SilkRoute Group's Internet incubation and investment arms--SilkRoute Ventures Pte Ltd and SilkRoute Capital Ltd.
SilkRoute Ventures provides start-ups with infrastructure and consultancy to help them execute their business plans. Some successful incubator companies include online supply chain management company Advanced Manufacturing Online Ltd and Internet consultancy firm Latitude Web Pte Ltd.
"NSTB's investment in the e-commerce fund is in line with its goal of encouraging more venture capitalists to invest into early stage deals," said Chong Lit Cheong, NSTB managing director.
The board's undisclosed investment in the SilkRoute E-commerce Fund is part of the US$1 billion Technopreneurship Investment Fund (TIF) announced by the government last April.
In late February, NSTB launched a S$50 million Venture Investment Support for Start-ups (VISS) fund to provide early stage financing for locally-based start-ups. The amount is part of the NSTB's US$250 million Early Stage Fund, which is a part of TIF.
Yesterday, international venture capital firm 3i Group plc announced a US$400 million fund for investment in Asia Pacific-based technology companies.
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