SINGAPORE (Sept 24): Trendlines Group is set to receive conditional commitments of up to US$22 million ($30.3 million) for its new Singapore-based venture fund, Trendlines Agrifood.
In a filing on Tuesday evening, Trendlines reported the investments were made by parties including Temasek Holdings and Librae Holdings, which is an entity related to property tycoon cum entrepreneur Vincent Tchenguiz and another Southeast Asian investor. The conditional commitment amount includes the investment of $10.9 million from Librae back in July.
See: Trendlines get $10.9 mil investment; shares open 28% higher
Trendlines, via its wholly-owned subsidiary, Trendlines Agrifood Innovation Centre, will act as the fund’s manager.
Trendlines CEO Steve Rhodes says, “The growing awareness of the impact of the agrifood industry on climate change is going to be a major driver for innovation in the coming years and the need for technological solutions is a critical component and represents a big opportunity for the fund.”
Shares in Trendlines closed flat at 7.8 cents on Tuesday prior to the announcement.
