SEEDS Capital, the investment arm of Enterprise Singapore, has appointed seven co-investment partners under Startup SG Equity. This will catalyse more than S$90 million worth of investments to develop Singapore-based startups in the Agrifood tech sector. This was announced by Senior Minister of State for Trade and Industry, Dr Koh Poh Koon, at the opening of Indoor Ag-Con Asia 2019.
The appointed partners are AgFunder, Hatch, ID Capital, Openspace, The Yield Lab, Trendlines and VisVires New Protein. They were selected based on their investment track record, strong commercialisation resources, networks and expertise, and familiarity with the local startup ecosystem in the Agrifood tech space.
Mr Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive of Enterprise Singapore said, “Agri-tech is an important sector as we work towards the vision of developing Singapore into a leading food and nutrition hub in Asia. By leveraging on the expertise from the private sector, we will catalyse deep tech innovation through high-potential startups to develop disruptive food and agri-tech solutions, and reduce our reliance on food imports.”
Besides co-investing, SEEDS Capital and the seven partners will provide hands-on assistance, such as introductions to new business partners and providing support to enter new markets, that help early-stage startups in the agrifood tech space fast-track their commercialisation process. SEEDS Capital will provide a co-matching of 7:3 for the first S$500,000 of co-investment, and up to S$4 million per deep tech startup under Startup SG Equity. Startup SG Equity focuses on developing tech startups with intellectual property and global market potential.
Illustration Photo: Agricultural robot (credits: Claire Benjamin / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))
The newly appointed partners join 18 other SEEDS Capital co-investment partners. Over the past three years, SEEDS Capital and its partners have co-invested over S$130 million in more than 60 startups in Advanced Manufacturing & Engineering, Health & Biomedical Sciences, Services & Digital Economy and Urban Solutions & Sustainability. These sectors are aligned with the core domains of Singapore’s roadmap for research and development under the Research, Innovation and Enterprise (RIE) 2020 plan.
Source: Enterprise Singapore