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Funding will primarily go to infocomm tech and health-care firms: VertexSINGAPORE venture capital firm Vertex Venture Management has launched a new $100 million fund to help local start-ups expand and survive the "valley of death" finance gap.24小時迷你倉The investment, which was injected by Vertex owner Temasek Holdings last week, will primarily go to firms in the infocomm technology and healthcare sectors.Each investment is likely to range between US$1 million (S$1.27 million) and US$10 million.Vertex chief executive Chua Kee Lock said yesterday: "We're looking for start-ups with disruptive and innovative businesses that can become Singapore's next billion-dollar companies."The firm's aim is not just to provide funding but also "non-financial advice like mentoring founders, finding talent, making business connections and regional and global marketing", Mr Chua told The Straits Times.Its challenge is not finding suitable start-ups but linking with other funds that can help with follow-up financing, he added.Vertex's new funding addresses the "valley of death" - the stage after seed funding and incubation where start-ups are in the early growth stage but fall of the cliff and die due to lack of financing.Mr Teo Ser Luck, Minister of State for Trade and Industry, said: "With more capital injected, it would help enhance the entrepreneurial landscape."Entrepreneurs and start-up founders told The Straits Times they welcomed the new funding from Vertex.Mr Amit Anand, managing partner of local venture capital fir迷你倉旺角 Jungle Partners, said: "Capital formation in South-East Asia is far behind market requirements. Great to see Vertex take a lead here and hopefully more will follow suit."Mr Quek Siu Rui, the co-founder of mobile flea market Carousell, added: "Start-ups need all the help they can get so it's very encouraging to see more funds available beyond the seed stage."Vertex, which started in 1988, is the largest and longest operating venture capital firm in Singapore. One of its earliest investments was in sound card maker Creative Technology.The venture capital firm took a break in 2004 following the 2000-2001 dot.com bust to focus on managing its portfolio companies but jumped back into the game in 2008.The new injection of $100 million means it is now manages nearly US$700 million.In its annual report out last October, the firm stated that it has invested about US$239 million since 2008, which now has a combined value of about US$405 million.The funds have been invested in start-ups in the infocomm technology, mobile and gaming sectors here as well as in India and China.They include Singapore luxury e-tailer Reebonz, mobile game developer IGG from China, and taxi app GrabTaxi.Since 2008, Vertex's total shareholder return over five years is 17.4 per cent compounded annually.The annual report said that its US$280 million Fund I, started in 2008, has an internal rate of return of 31.6 per cent compared with an 11 per cent benchmark recorded by private equity and venture capital companies.chngkeg@sph.com.sgmini storage