FutureLabs Reappointed as a designated venture building studio by EDB’s CVL 2.0 programme!
- Press Release
- August 4, 2022
We are excited to announce that FutureLabs Ventures has been appointed two years in a row as a designated corporate venture studio for Singapore EDB’s Corporate Venture Launchpad Program.
The Corporate Venture Launchpad 2.0 (“CVL 2.0”) expands from the S$10m pilot programme that was launched by Singapore’s Economic Development Board (EDB) in May 2021 to help companies incubate innovative business ideas that have the potential to grow into globally competitive businesses from Singapore. Under CVL 2.0, an additional S$20m will be committed to early-stage venture building as co-investment grants.
EDB has doubled the funding for CVL 2.0 to signal its commitment to support companies to embark on corporate venture building. As part of CLV 2.0, EDB New Ventures will partner with FutureLabs Ventures over the next two years to support any FutureLabs Corporate Partner in creating new ventures in high-growth areas. Each venture will receive up to S$1 million from EDB to support ideation, market validation, and the ‘MVP build and launch’ phase.
FutureLabs is a corporate venture building pioneer, with its leadership building corporate ventures for over 20 years. We have amassed a distinctive track record with:
30+ Corporate Ventures built
75% success rate in going from idea to scalable venture
4-6x value creation (vs. invested capital) already after 12 months
Last year, through CVL, companies were able to quickly adopt corporate venturing practices and launch new ventures with the speed and nimbleness of a startup while banking on the unique competitive advantages of the parent company, which include customer relationships, deep domain expertise, technical capabilities, and strong brand recognition.
FutureLabs collaborated with several Corporate Partners to launch new ventures. One such example was Electrolux, who also was featured during the CVL 2.0 launch ceremony to celebrate the recent launch of their new venture Levande, through the assistance of FutureLabs as a part of the CVL 1.0. Levande is reshaping the household appliance market for a more sustainable future by offering a full-service subscription model, thus reducing e-waste and giving customers more options and flexibility in their purchases. We are really proud of Levande and our contribution to this venture, and look forward to seeing this new venture take off!!
If you are interested about Corporate venture building or how CVL 2.0 can work for you, get in touch with us! We’d love to have a chat about how to best harness your existing corporate assets to generate your next engines of growth & relevance, and discuss your eligibility to access up to S$1m in co-investment funding to get your corporate venturing building started!