October 1, 2019

By Lynda Kiernan

Israel and Singapore-based Trendlines Group has secured up to $22 million in conditional capital for its newly launched Singapore-based Trendlines Agrifood Pte Ltd (Fund). The fund will be managed by Trendlines via its wholly-owned subsidiary, Trendlines Agrifood Innovation Centre Pte Ltd. 

Announced in December 2018, the Trendlines Agrifood Innovation Centre  is being established to leverage technological and scientific expertise in Singapore and the surrounding region alongside Trendlines’ experience in investing in and building out companies that accelerate technological development. The center will operate on dual tracks: first, to create new, innovation-based agrifood tech companies in Singapore, and second, to invest in foreign agrifood companies establishing their Asia-Pacific headquarters in Singapore. 

One month later, in January 2019, Trendlines announced that its Trendlines Agrifood Fund had been named a partner under the SG Equity scheme, which is being managed by SEEDS Capital to facilitate private investment in startups through government co-investment.

Trendlines was one of seven announced partners, all 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 $22 million in conditional commitments, which includes commitments previously announced on July 19 of this year, are being invested by Temasek, a sovereign holding company of Singapore, Librae Holdings, an entity connected to Vincent Tchenguiz, a UK-based billionaire, and an unnamed investor from Southeast Asia.

“We are excited to have Temasek, Librae Holdings, and the additional investor investing with us in the new fund,” said Steve Rhodes, chairman and CEO, Trendlines. “ All of these groups are deeply experienced, active investors which will bring us strategic value, as well as financial backing. We are equally pleased to be able to start the Fund’s investment activities in Singapore and around the world.”

Rhodes points out that the growing awareness around how agriculture can be a force to mitigate climate change will be a major driver for innovation in the space, and therefore a key point of opportunity for the fund.  

“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…” said Rhodes, “… and the need for technological solutions is a critical component and represents a big opportunity for the fund.”

– Lynda Kiernan is Editor with GAI Media and daily contributor to GAI News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.