SEEDS Capital, the investment arm of Enterprise Singapore, and seven co-investment partners will invest over $66.6 million (S$90 million) in agrifood tech startups in Singapore, according to a statement.
The seven co-investors are AgFunder, Hatch, ID Capital, Openspace Ventures, The Yield Lab, Trendlines and Visvires New Protein.
SEEDS Capital will co-invest in the ratio of for the first $370,000 (S$500,000) of co-investment and up to $3 million (S$4 million) per deep tech startup under Startup SG Equity, a government scheme which promotes private sector investment in startups through an equity co-investment from the Singapore government.
The new partners join 18 other co-investment partners of SEEDS Capital. According to SEEDS, over $96 million (S$130 million) has been invested in sectors such as advanced manufacturing & engineering, health and biomedical sciences, services & digital economy and urban solutions & sustainability through these partnerships.
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.”
Gerard Chia, partner of Visvires New Protein Capital said: “We are delighted to be appointed by SEEDS Capital as a co-investment partner. As one of the first VC funds to focus on disruptive solutions for a healthier, safer and more sustainable food and feed system, we see this as a mark of confidence in our investment approach.”