Entrepreneur First (EF), a UK-based startup enabler, announced that its aggregate global portfolio value has crossed US$10 billion after raising US$158 million in an oversubscribed series C round.
EF’s latest round of funding comes from a group of tech heavyweights including Stripe founders Patrick and John Collison, LinkedIn co-founder Reid Hoffman, Wise chairman Taavet Hinrikus, and Automattic CEO Matt Mullenweg.
The firm plans to invest in new startups as well as experiment with new products aimed at “upending the typical venture capital model,” said EF Singapore partner Bernadette Cho.
The firm’s global portfolio was valued at over US$4 billion in September 2021. Its Singapore alumni account for US$1 billion, or 10% of its current portfolio value. These include alternative protein startup Shiok Meats, fintech firm Peakflo, decentralized finance super app Hawksight, and spacetech firm Transcelestial.
Funds haven’t been earmarked for specific initiatives yet, but Cho added that EF will conduct educational engagements and roadshows to recruit talent in Jakarta and Manila for upcoming program cohorts.
In Singapore, the firm will introduce new products at different stages across the founding journey, expand its reach to founders across Southeast Asia, and accelerate global funding by connecting regional talent to US-based investors.
Earlier this year, EF partnered with university students to identify aspiring entrepreneurial talent via a new talent scout program.