Withers represented Incubate Fund in the launch of US$200 million corporate VC Fund in Singapore
17 May 2023 | Applicable law: Singapore | 1 minute read
Withers KhattarWong LLP, the Singapore office of international law firm Withers, recently represented early-stage venture capital firm Incubate Fund in the establishment of SMBC Asia Rising Fund anchored by Sumitomo Mitsui Banking Corp (SMBC).
The corporate venture capital fund aims to invest in high potential Asian startups. With an initial corpus of US$200 million, SMBC Asia Rising Fund targets startups in areas such as lending tech, payment, supply chain finance, banking-as-a-service and digital assets.
The Withers team was led by Singapore-based funds and corporate partner Daniel Yong with the support of associate Jean Gan. Singapore-based tax partner Leon Kwong Wing assisted on tax aspects with the support of associate Charles Kwek. US-based corporate partner David Guin advised on US regulatory queries with the support of associate Gregory Pun.
Daniel Yong comments: "We are pleased to be part of this momentous launch. This transaction demonstrates our commitment to providing an integrated legal formation and tax platform for our fund clients’ commercial and legal needs."
Dave Kwong, principal at Incubate Fund comments: "We are thrilled to launch the SMBC Asia Rising Fund focused on fintech and leading startups in Asia. The deep bench strength and experience of the Withers team has been crucial, with its wide network of expertise and high quality legal advice.”