Singaporean developer CapitaLand is setting up a venture fund to invest up to $100 million in global technology sector start-ups in its ongoing effort to innovate and build real estate of the future.
The new fund is called C31 Ventures and it has started with a $15-million investment in the Early Stage Venture Fund III (ESVFIII) by Singapore's National Research Foundation (NRF) in May for local tech start-ups.
C31 Ventures was announced by Mr Lim Ming Yan, CapitaLand's president and group chief executive, at the company's 'Gateway to Asia' networking event in San Francisco, attended by more than 50 start-ups and venture capital firms in the Bay Area.
Mr Lim said: "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. Given our strong foothold in Asia, CapitaLand will also serve as a conduit for start-ups to enter the regional market, especially China," he said.
"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."
"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 energy, operations and maintenance; building and construction; design and building materials; real estate funding as well as customer engagement.
Shortlisted start-ups will be reviewed by an investment committee comprising CapitaLand's senior management and external advisors, including notable venture capitalists, Mr Foo Jixun, Managing Partner of GGV Capital and Mr David Su, Managing Partner of Matrix Partners China.
The 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.