Dole, EDB New Ventures to co-invest in new venture in repurposing fruit waste

FRUIT producer Dole Sunshine Company (DSC) is partnering the Singapore Economic Development Board (EDB) to launch a new venture in repurposing fruit waste.

Called Dole Specialty Ingredients (DSI), the venture will get an initial co-investment totalling S$10 million from DSC and EDB New Ventures, the corporate venture building arm of EDB. A breakdown of the amount contributed by each party is not disclosed.

The venture will focus on sourcing fruit side streams and unutilised fruit parts, and repurposing them into high-value natural products like enzymes, extracts, seed oils and fibres, DSC said in a statement on Monday (Oct 18).

The speciality ingredients can then be used in the pharmaceutical, nutraceutical, cosmeceutical, food and beverages, and other industries.

"This way, fruit losses are upcycled instead of being left behind or sent to landfills," said Pier Luigi Sigismondi, president of DSC's Food and Beverages Group.

Apart from the investment, EDB New Ventures also dedicated a full-time venture building team to co-build the venture for 2 months alongside DSC. Functioning like co-founders, the team developed the venture's product portfolio and go-to-market strategy, with the aim of accelerating its speed to market.

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The Agency for Science, Technology and Research also provided 5 scientists from the Singapore Institute of Food and Biotechnology Innovation and the Institute for Chemical and Engineering Sciences.

"The core DSI team will be in Singapore and we will continue to build the capabilities with talent around food science, biotechnology, research and development (R&D) and more," said DSI's managing director Weitze Ooi.

He also expects to create jobs in the Philippines with this venture, including partnerships with local partners. DSI will be led by Ooi.

Choo Heng Tong, executive vice-president of New Ventures and Innovation at EDB, said: "We will continue working with DSI to tap on Singapore's industry and R&D ecosystem, as well as our connectivity to the region, to support DSC's efforts to build an entirely new business from Singapore."

DSC represents the global interests and combined efforts of Dole Asia Holdings, Dole Worldwide Packaged Foods and Dole Asia Fresh. The group's global headquarters are in Singapore.

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