SINGAPORE (Jan 16): Trendlines Group says its new US$40 million Singapore venture fund ($54.2 million) has been appointed as a partner under the Startup SG Equity scheme, which is administered by Enterprise Singapore investment arm Seeds Capital.

To recap, Seeds Capital issued a call for proposals for potential partners to co-invest in the agrifood tech field in Sept 2018.

The fund – established to support Trendlines’ plans of opening a Singapore-based innovation centre focusing on developing agrifood technologies – is one of seven selected co-investors under the scheme.

Going forward, Trendlines highlights that its fund and Seeds Capital intend to invest in agrifood technology companies seeking funding.

The group expects the pipeline of deals to come from its new agrifood innovation centre to serve as a rich source of deal flow for investment.

Trendlines chairman and CEO Steve Rhodes says he considers the investment partnership with Seeds Capital an ideal relationship that will contribute substantial value to Singapore’s agrifood technology start-up ecosystem.

“This collaboration leverages on Trendlines’ experience and proven track record in identifying, incubating, and grooming agrifood technology companies while working closely with Seeds Capital to provide growth capital and support to assist young, high-potential start-ups,” says Rhodes.

In all, the latest co-investing partnership programme under Startup SG Equity will see more than $90 million worth investments into early-stage tech startups in the agrifood tech sector.

According to a Jan 15 media statement by Enterprise Singapore and Seeds Capital, the seven new co-investment partners, including Trendlines, were selected based on their investment track record, strong commercialisation resources and familiarity as well as networks and expertise, among others.

They join 18 other Seeds Capital co-investment partners, which have co-invested over $130 million with Seeds Capital in more than 60 startups over the past three years.

Shares in Trendlines closed 2.11% lower at 9.3 cents on Tuesday.