ITVF names MindWorks Ventures, Viva Ventures as new partners

This brings the number of ITVF’s partners to 11 to date.

The Innovation and Technology Venture Funds (ITVF) has added MindWorks Ventures Fund IV LP and Viva Ventures Biotech, LP amongst its co-investment partners, the Innovation and Technology Commission said.

The commission reported it received 11 applications when it announced a new round of applications from VC funds to become co-investment partners.

Aside from ITVF and its two new partners, a total of five have been selected in this round of applications.

They all possess extensive investment experience and professional knowledge, according to the commission.

The VCs are also expected to provide start-ups with guidance on operational strategies and assistance in establishing business networks, as well as expanding their markets and businesses.

To date, the ITVF has had a total of 11 co-investment partners and has co-invested in 21 local innovation and technology start-ups.

The government's investment has amounted to over $120m, attracting around $670m of private investment in the same funding round. The business areas of these innovation and technology start-ups include supply chain management, e-commerce, financial technology, biotechnology, and artificial intelligence.