What Is Startup SG Equity? Singapore's Government Co-Investment Scheme

What the scheme is

Startup SG Equity (SSGE) is a scheme by Enterprise Singapore (EnterpriseSG) and the Singapore Economic Development Board (EDB). It was first implemented in 2017 to address early-stage funding gaps in local technology startups. From 2020 it focused on patient capital for Singapore-based deep tech startups, which face higher capital expenditure, longer development periods, and greater risk.

The government does not pick startups on its own. It works through appointed fund managers, SG Growth Capital and SGInnovate, which invest alongside private venture investors or into venture funds. According to the factsheet published with the 2 March 2026 announcement, the government has invested more than $560 million through the scheme and catalysed more than $2.6 billion in private sector investment.

SG Growth Capital was formed by merging EDBI and SEEDS Capital, the former investment arm of Enterprise Singapore, with effect from 1 April 2025. SEEDS Capital now operates under it, which is why older guides refer to SEEDS Capital as the co-investor.

The three investment modalities

The March 2026 factsheet describes three ways the scheme deploys capital.

Who qualifies

The factsheet sets two conditions for startups.

Singapore-based. The company must be based in Singapore. A founder elsewhere would need a Singapore entity with real operations, which is a structural decision with tax and legal consequences of its own.

Deep tech. The company must work in an advanced or specialised scientific or engineering field and own research-based intellectual property, including patents, know-how, or trade secrets, that is differentiated or proprietary and will create new products, processes, or technologies.

Third-party guides also cite criteria such as a maximum company age, a minimum local shareholding, and a minimum investment from the private co-investor. These do not appear on the official pages reviewed for this article, so confirm them directly with the fund manager.

Co-investment ratios and caps

Enterprise Singapore's SEEDS Capital page publishes these ratios, expressed as government money to co-investor money, and labels the caps as the Startup SG Equity investment cap.

First institutional round and earlier.

• General tech: 7:3 for the first S$250,000 from the government side, then 1:1 up to S$2 million.
• Deep tech: 2:1 for the first S$1 million, then 1:1 up to S$4 million, 1:2 up to S$8 million, and 1:3 up to S$12 million.

Second institutional round onwards.

• General tech: 1:1 up to S$2 million.
• Deep tech: 1:1 up to S$4 million, 1:2 up to S$8 million, and 1:3 up to S$12 million.

The ratios tilt toward government money at the earliest and smallest cheques, where private capital is scarcest, and shift toward private money as amounts grow. The 2026 factsheet describes co-investment as targeting deep tech, while the SEEDS page still lists a general tech track, so check which applies before planning a round around it.

What it means for a founder

The scheme amplifies a private lead; it does not replace one. The practical sequence is to find a qualified investor who believes in the company, then bring in government co-investment to enlarge the round. Expect the co-investor's diligence and terms to carry significant weight.

Treat the government side as another shareholder on your cap table, with the same need to model dilution as any investor. This is general information about a Singapore programme, not legal or financial advice; get Singapore counsel before restructuring or signing investment documents.