SEEDS Capital, partners to invest over S$90m in agri-food tech start-ups
SEEDS Capital, the investment arm of Enterprise Singapore, appointed seven co-investment partners to inject more than S$90 million into Singapore-based agri-food tech startups, according to a statement Tuesday (15 January).
The appointed partners are AgFunder, Hatch, ID Capital, Openspace, The Yield Lab, Trendlines and VisVires New Protein, Koh Poh Koon, Senior Minister of State for Trade and Industry, said at the opening of Indoor Ag-Con Asia 2019.
“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,” Ted Tan, Chairman of SEEDS Capital and deputy Chief Executive of Enterprise Singapore, said.
SEEDS Capital will co-match in the ratio of 7:3 for the first S$500,000 of investment, and up to S$4 million for each deep tech startup under Startup SG Equity. Startup SG is a scheme that focuses on developing tech startups with intellectual property and global market potential.
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 and engineering, health and biomedical science, services and digital economy, and urban solutions and sustainability.
These sectors are aligned with the Singapore’s roadmap for research and development under the Research, Innovation and Enterprise (RIE) 2020 plan, said Enterprise Singapore.
