Singapore's UOB partners with Israel's OurCrowd to boost Asian start-ups
Singapore's United Overseas Bank said it would invest $10 million in Israel-headquartered crowdfunding platform.
By REUTERSUpdated: MARCH 7, 2016 15:25Jonathan Medved with Jerusalem Mayor Nir Barkat at the OurCrowd Global Investor Summit in Jerusalem in December.(photo credit: OURCROWD)
SINGAPORE - Singapore's United Overseas Bank said it would invest $10 million in Israel-headquartered crowdfunding platform OurCrowd as part of the companies' collaboration to help Asian start-ups raise equity funds.UOB said the deal would allow accredited investors among its clients invest in OurCrowd's portfolio companies, adding the partnership would help address the funding gap for small and medium enterprises in southeast Asia.Sassoon Investment Corp, an investment holding company of Singapore-based Sassoon family known for building The Coffee Bean & Tea Leaf brand, will also be investing in OurCrowd's Asian expansion.Crowdfunding is the practice of financing a project or venture by raising small amounts of money from many people, typically through the Internet. OurCrowd has invested over $200 million in 93 portfolio companies and has seen four exits since its 2013 launch.
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