Also known as the "Tenacious Founders Venture Philanthropy Fund", the new fund aims to invest up to SGD $100,000 ($75,000) in 10 successful applicants within the next 12 months.
Investments will be structured in the form of a redeemable SAFE (simple agreement for future equity) note.
In fact, TRIVE will not take any equity in any of the startups, and recipients will not be required to guarantee the SAFE note.
Instead, recipients are encouraged to "pay it forward" — by using the proceeds of their business to fund the next successful applicant(s).
According to Christopher Quek, managing partner of TRIVE, he mentions that the VC firm is looking for founders with “proof of passion, integrity, and tenacity” with a focus on scaling a profitable business.
Applicants must have a startup operating in Singapore for at least 2 years, and are required to nominate a "known credible person" in the business / startup ecosystem who can vouch for the above values.
“Through our past incubator, we understand tenacity is what drives an entrepreneur to success. The fund aims to be the short-term bridge for these founders who are tenacious and have a ‘never-say-die’ attitude. We hope to support such local entrepreneurs to succeed and for them to create a positive economic impact for Singapore,” said Christopher Quek, Managing Partner of TRIVE.