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Trendlines gets conditional investment commitments of up to US$22m
CATALIST-LISTED startup incubator The Trendlines Group has received conditional commitments of up to US$22 million for its new Singapore-based venture fund, Trendlines Agrifood.
The conditional investment commitments were made by Temasek, Librae Holdings - which is an entity related to UK business tycoon Vincent Tchenguiz - and an additional South-east Asian investor, it said. Trendlines, via its wholly-owned subsidiary, Trendlines Agrifood Innovation Centre, will act as the fund's manager.
The conditional commitment of up to US$22 million includes the commitment previously reported by the company on 19 July.
It announced then that a global investment company headquartered in Singapore had made a capital commitment of US$5 million to the company’s venture capital fund, Trendlines Agrifood. Subject to certain terms under the subscription agreement, the anchor investor would commit an additional commitment of up to US$5 million to the Fund.(see amendment note)
The fund will invest in new, innovation-based agrifood tech companies in Singapore as well as foreign agrifood firms. It will set up its Asia-Pacific headquarters in Singapore.
Trendlines shares last traded at 7.8 Singapore cents.
Amendment note: In an earlier version of the story, we said that the amount of up to US$22 million includes the commitment previously reported in July, when it announced a S$10.88 million injection from Librae. The story has been updated to reflect that at the time, a Singapore-headquartered global investment company had made a capital commitment of US$5 million to the fund, as well as an additional commitment of up to US$5 million, subject to certain terms.