ISC Jungle SeedPlus (IFC-38844)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Singapore
Where the impacts of the investment may be experienced.
Specific Location
Southeast Asia, India
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Seedplus Singapore L.P.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2018

Disclosed by Bank Nov 2, 2016


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Project Description

According to IFC website, this investment will fall under the IFC Startup Catalyst program, which supports entrepreneurs and early stage companies through investments in various seed stage structures. The expected development impacts are:

i. Address funding gap for seed stage investments: Seeplus will support upto 20 early stage companies, helping to fill the void of early stage capital. More broadly, IFC would like to help build and support local, sustainable ecosystems for entrepreneurship and venture capital.
ii. Job creation: Seedplus expects its graduated companies to create 100+ new jobs in the near term.
iii. Support local entrepreneurship: Through its relatively long acceleration cycles, Seedplus with help support entrepreneurship by offering deep engagement on operations, access to networks and follow on funding through the Jungle Ventures platform

 

Investment Description
  • International Finance Corporation (IFC)

SeedPlus Singapore L.P. (“SeedPlus”) is a Singapore based accelerator that is raising SGD 25 million to support 20 early stage companies in South East Asia and India, primarily in the ICT sector.

Private Actors

SeedPlus will be managed by a full time operating team headed by Michael Smith of Jungle Ventures Pte Ltd. 

Jungle Ventures is a Singapore based registered fund management company founded by Amit Anand and Anurag Srivastava in 2012.

Contact Information

Project Contact: Michael Smith
Partner, SeedPlus
Email Address: michael@seedplus.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/