EDB has added about $14m for the second Corporate Venture Launchpad to help corporations launch innovative spinoffs.

The Singapore Economic Development Board (EDB) is expanding its corporate venture programme to help more companies support startups.

The government agency has injected an additional S$20m ($14.4m) into its Corporate Venture Launchpad (CVL) 2.0 project. It created a pilot programme in May 2021 with an initial S$10m of funding.

The extra money will help the scheme work with a new cohort of companies over the next two years to create new ventures.

Singapore has about 80 corporate venturing groups, nearly double the number in January 2021.

Since its launch, the CVL programme has helped 13 companies test their venture concepts in areas such as agritech, fintech, senior living and the metaverse.

Six of these companies have gone on to commit more than S$50m in seed investments to create new ventures. Companies that have launched new ventures through the programme include Swedish appliance maker Electrolux, which launched Levande, an appliance subscription service; Singapore-based real estate developer Keppel Land, which launched an eldercare startup; and Singaporean zoo operator Mandai Wildlife Group, which started a wildlife education venture.

With the extra funding, the programme will provide up to S$500,000 for each startup idea. It will supply the same amount to launch “high potential ventures”.

The Singapore Economic Development Board also appointed several corporate venture advisory companies to the programme. These include Wright Partners, FutureLabs Ventures, Leap by McKinsey and Next by Bain & Company.