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aims to invest in startups targeting areas of energy, operations and maintenance; building and construction; design and building materials; and customer engagement

Leading Singapore-based real estate company CapitaLand has formed a S$100 million (US$74 million) VC fund that aims to invest in startups in the realty tech space across the globe.

Christened C31 Ventures, the fund targets startups in the Series A to Series C stages that fit into CapitaLand’s focus areas of innovation in energy, operations and maintenance; building and construction; design and building materials; as well as customer engagement.

Shortlisted startups will be reviewed by an investment committee comprising CapitaLand’s senior management and external advisors, including Foo Jixun, Managing Partner of GGV Capital, and David Su, Managing Partner of Matrix Partners China.

The startups will be assessed based on a combination of criteria — ranging from speed to market, product and financial viability, to valuation and operating metrics.

“C31 Ventures will allow CapitaLand to invest in promising tech startups that are relevant and add value to our business. CapitaLand’s portfolio of real estate assets offers a living lab to startups where they can validate their ideas and prototypes,” said CapitaLand President and group CEO Lim Ming Yan. “Given our strong foothold in Asia, CapitaLand will also serve as a conduit for startups to enter the regional market, especially China.”

The launch of C31 Ventures marked the end of a tech-scout trip by CapitaLand in New York and San Francisco, where the group met startups including those in the Internet of Things, data analytics, and virtual and augmented reality sectors.

Last month, CapitaLand was selected to co-invest in the ESVFIII by National Research Foundation (NRF), a department within the Prime Minister’s Office of Singapore. The S$25 million (US$18.5) fund for Singapore comprises S$10 million (US$7.4 million) from the NRF and S$15 million (US$11) from C31 Ventures. Under ESVFIII, CapitaLand will invest in Singapore tech startups with innovations that will complement and enhance its business.

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