SPH Media Fund, the corporate venturing arm of Singapore-based media conglomerate Singapore Press Holdings (SPH), has wound up its SPH Plug and Play accelerator initiative, according to Tech in Asia.
The media and technology-focused accelerator was launched in April 2015 as a joint venture between SPH, accelerator Plug and Play, and Infocomm Investments, a division of the Singapore government’s Infocomm Development Authority.
SPH Media Fund will instead focus on a direct investment strategy in future, SPH spokesperson Yeo Siew Chi told Tech in Asia.
In the last round of the SPH Plug and Play scheme, which took place in February 2016, successful applicants were offered S$30,000 ($21,000) in funding, with the Singaporean government offering additional grants if certain criteria were met.
Startups could potentially also access up to S$200,000 worth of cloud hosting, analytics and video support from SPH, as well as networking and partnership opportunities.