UOB today announced Asia's first strategic collaboration with a leading global equity crowdfunding platform, OurCrowd. From left to right: Janet Young, Head of Group Channels and Digitalisation, UOB; Jonathan Medved, Founder and CEO, OurCrowd
Singapore's United Overseas Bank (UOB) today (3 March 2016) announced that it has partnered OurCrowd, and will invest US$10 million in the global equity crowdfunding platform.
Through this collaboration, Asian startups and small and medium-sized enterprises (SMEs) with differentiated and highly scalable technology products and services will now gain access to another source of funding through OurCrowd's equity crowdfunding platform.
Through equity crowdfunding, these Asian companies can seek relatively small investments from a large number of accredited investors in return for equity or shares in their startup company. The funds can be used to develop their concepts, products and services into viable business models.
Moreover, these Asian startups and SMEs can also tap into OurCrowd's global investor network to jumpstart their international expansion and business development, according to UOB and OurCrowd's joint press statement.
"SMEs are the foundation of Asian economies, providing high levels of employment. However, it can be challenging for small businesses to obtain financing, particularly equity financing, in the early stages of growth. Because of this, UOB has partnered with OurCrowd, to connect smart ideas with smart money," said Janet Young, Head of Group Channels and Digitalisation, UOB.
"Together, UOB and OurCrowd will empower scores of new entrepreneurs and match them with global investors and mentor networks. The beauty of crowdfunding OurCrowd style is that the investor in Asia can now access quality deal flow in Israel, Silicon Valley and beyond, while a Singapore entrepreneur can easily gain top notch global backing," said Jon Medved, Founder and CEO of OurCrowd.
Besides UOB, Sassoon Investment Corporation — the private investment holding company of Singapore-based Sassoon family — is also funding the first leg of OurCrowd's expansion in Asia.
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