January 16, 2019

SEEDS Capital, the investment unit of Enterprise Singapore, announced it will invest S$90M (US$66.5 million) in agrifood startups as co-investments with seven new partners. The plan, which will be carried out under Startup SG Equity, a scheme that facilitates private investment in startups through government co-investment, will focus on the Singapore market and was announced by Senior Minister of State for Trade and Industry Dr Koh Poh Koon on January 15.

“Agri-tech is an important sector as we work towards the vision of developing Singapore into a leading food and nutrition hub in Asia,” said Ted Tan, chairman of SEEDS Capital and deputy chief executive of Enterprise Singapore. “By leveraging on the expertise from the private sector, we will catalyse [sic] deep tech innovation through high-potential startups to develop disruptive food and agri-tech solutions, and reduce our reliance on food imports.”

The seven appointed investment partners were chosen based on varying criteria including their agrifood investment track record, their knowledge and experience, their ability to support technical development, their ability to support startups both domestically and internationally, their ability to commit to a hands-on approach in regard to investible startups, and successful commercialization or follow-on funding among the startups in their portfolios.

The seven chosen co-investors are (in alphabetical order) AgFunder, Hatch, ID Capital, Openspace, The Yield Lab, Trendlines, and VisVires New Protein. These seven will join SEEDS Capital’s 18 existing co-investment partners who have over the past three years invested more than S$130 million (US$96 million) in over 60 startups developing advancements in advanced manufacturing & engineering, health and biomedical sciences, services and digital economy, and urban solutions and sustainability.

“We are delighted to be appointed by SEEDS Capital as a co-investment partner,” said Gerard Chia, partner, ViksVires New Protein. “As one of the first VC funds to focus on disruptive solutions for a healthier, safer and more sustainable food and feed system, we see this as a mark of confidence in our investment approach. We look forward to a fruitful partnership with SEEDS Capital as we work towards achieving Singapore’s aspirations to become a leading hub for agrifood innovation.”

Under the structure of the partnerships, SEEDS Capital will provide capital at 7:3 for the first S$500,000 (US$369,000) of a co-investment, and will invest a total of up to S$4 million (US$2.95 million) for each deep tech startup.

Along with funding, SEEDS Capital and its partners also will engage in assistance that will help agrifood tech startups accelerate their rate of commercialization including facilitating networking with new business partners and support in entering new markets.

-Lynda Kiernan