Avarga to acquire 23.08% stake in urban farming startup Archisen for up to $1.5 mil

SINGAPORE (June 29): Avarga, formerly known as UPP Holdings, is acquiring a 23.08% stake in Archisen for a cash consideration of up to $1.5 million in three separate traches.

Archisen is a Singapore-based startup that designs, develops and operates urban farming systems by employing Internet of Things, automation and data analytics. Archisen’s existing shareholders are Clarence Tan Kum Wah and Vincent Wei Yangsheng.

Based on Archisen’s unaudited management accounts drawn up to May 31, it recorded a net loss of $0.47 million since its date of incorporation on Dec 2, 2015.

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