|The Trendlines Group said it has received conditional commitments of up to US$22 million for its new Singapore-based venture fund, Trendlines Agrifood Pte. Ltd.
The Fund will invest in new, innovation-based, agrifood tech companies in Singapore and in foreign agrifood companies, establishing its Asia-Pacific headquarters in Singapore.
The conditional investment commitments were made by 3 parties -- Temasek, an investment company headquartered in Singapore, Librae Holdings, an entity related to Trendlines' No.1 shareholder Vincent Tchenguiz, and an additional unnamed Southeast Asian investor.
Listed in Singapore, Trendlines is a leading Israel and Singapore-based investment and innovation commercialization company focused on high growth medical and agricultural technologies.
Trendlines, via its wholly-owned subsidiary, Trendlines Agrifood Innovation Centre Pte. Ltd., will act as the Fund’s manager.
The conditional commitment of up to US$22 million includes the commitment previously reported in the Company’s announcement on 19 July 2019.
The new Trendlines Agrifood Innovation Centre aims to leverage technological and scientific knowledge in Singapore and the wider region.
It will apply Trendlines’ experience and know-how in investing in and building companies to accelerate technology development of, and investment in, Southeast Asia’s agrifood supply chain.
In January 2019, Trendlines announced that its new Singapore Fund had been appointed a partner under the Startup SG Equity scheme administered by SEEDS Capital Pte. Ltd.
"We are equally pleased to be able to start the Fund’s investment activities in Singapore and around the world.
"The growing awareness of the impact of the agrifood industry on climate change is going to be a major driver for innovation in the coming years and the need for technological solutions is a critical component and represents a big opportunity for the Fund."Trendlines Chairman and Chief Executive Officer, Steve Rhodes, commented, “We are excited to have Temasek, Librae Holdings and the additional investor investing with us in the new Fund. All of these groups are deeply experienced, active investors which will bring us strategic value, as well as financial backing.