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Trendlines plans to launch agrifood tech innovation centre in Singapore
THE Trendlines Group on Tuesday said it intends to open a Singapore-based innovation centre focused on developing agrifood technologies, and is planning to raise a US$40 million venture fund to invest in and support early-stage agrifood tech.
It added that it will act as the new fund's general partner. That said, no definitive agreements have been entered into at this point in time.
The Israel- and Singapore-based investment and innovation commercialisation company said the new agrifood tech centre aims to leverage technological and scientific knowledge in Singapore and the region with Trendlines' experience and know-how in investing in and building companies to accelerate technology development and investment in South-east Asia's agrifood supply chain.
The centre will operate on two parallel tracks: (1) creating new, innovation-based, agrifood tech companies in Singapore; and (2) investing in foreign agrifood companies establishing their Asia-Pacific headquarters in Singapore.
"Trendlines will bring new and novel solutions to agricultural and food production challenges through commercial endeavours that will broaden economic growth, enhance development in the agrifood life sciences, and contribute to a flourishing ecosystem in the region as a whole," it said in a filing to the Singapore Exchange.
Trendlines chairman and CEO Steve Rhodes said: "Expanding our activities in Singapore into agritech allows us to expand and develop the agrifood tech ecosystem in the country while broadening our activities and managing new capital without dilution to our shareholders."