Singapore-based InseadAlum Ventures has launched a $700,000 (SGD1 million) fund to invest globally in startups founded by Insead alumni, it said in a statement.
InseadAlum Ventures is an investment firm that provides seed investments to startups founded or co-founded by alumni of French university Insead. Insead has campuses in Europe, Asia and the Middle East.
InseadAlum Ventures was founded by Insead alumni Deepak Shahdadpuri and Will Klippgen. Shahdadpuri, founder of DSG Parnters Asia Pte Ltd—a venture capital firm that invests in consumer-focused early stage companies—is an active investor in Indian startups. Klippgen is managing partner at Singapore-based VC firm Cocoon Capital.
Its investor network includes Aloke Bajpai, principal founder of online travel search portal iXiGO.com and Jani Rautiainen, co-founder of Singapore-based property portal PropertyGuru.
InseadAlum targets global investment opportunities in companies co-founded by at least one Insead alumnus. It invests between SGD50, 000 and SGD200, 000 in select startups in addition to offering access to senior alumni, industry experts, faculty and other investors.
The venture capital firm made its first investment in UK-based smart thermostat startup Switchee Ltd where it participated in a GBP480, 000 ($582,000) seed round. Adam Fudakowski, managing director of Switchee, is an Insead graduate.
Switchee is an early-stage startup offering smart home solutions for social housing across various European markets starting with the UK. Its first product is a smart, learning thermostat that enables housing estate owners and managers to fight fuel poverty and conserve energy as well as help detect mould growth, improve boiler servicing and message residents directly.