12 September 18 The Business Times by JANICE HENG
ENTERPRISE Singapore's (ESG) investment arm Seeds Capital is seeking co-investment partners for agrifood tech startups, under a call for partnership which was launched on Tuesday and closes on Oct 5.
These partners should be able to identify and co-invest in Singapore-based, "deep tech", early-stage startups in agrifood technology, which refers to innovations that improve the efficiency and sustainability of the food supply chain.
They should also be able to provide hands-on assistance in helping early-stage startups commercialise quickly, as well as mentor and connect them to potential clients.
Seeds Capital will co-invest in the ratio of 7:3 for the first S$500,000 of investment, and up to S$4 million per startup.
This has been enhanced from the previous 1:1 co-investment ratio and S$2 million cap under the Startup SG Equity scheme, for which Seeds Capital is one of the administrators of funds.
The move is part of ESG's plans to develop Singapore's food manufacturing sector into a leading food and nutrition hub in Asia by 2025, said the agency in a media statement on Tuesday.
Interested parties may submit their proposals via email to email@example.com. Both local and foreign parties with a Singapore-based presence may apply.
Applicants will need to show financial commitment, resources, expertise in agrifood technology, and experience in nurturing startups in these areas, as well as a track record of nurturing and investing in early-stage technology startups, with access to investment capital and follow-on investors.
They will be selected "mainly based on the capabilities and experience of the team, adequacy of commercialisation resources and fund management processes", said ESG.