Singapore to invest heavily in food and agritech startups

Singapore has plans to substantially boost its domestic food industry over the next three years by promoting and funding innovative companies in the sector, the city-state’s government investment fund Temasek said in a statement of November 15.

As a start, Temasek and Singapore’s Agency for Science, Technology and Research will pump more than $30 million into the Asia Sustainable Foods Platform, a newly established initiative meant to support, as an enabler, operator and investor, food-tech companies as they go through their lifecycle from product development to commercial scale-up by providing research and development advisory, operational capabilities and funding.

The initiative should help prompt additional investments from the private sector in the agriculture technology, or agritech, industry, Temasek representatives said.

Support for local business to innovate and commercialise food alternatives

“Temasek has invested over $8 billion in the global farm-to-fork value chain since 2013, and we will continue to increase our investments in this space,” Yeoh Keat Chuan, deputy head of Temasek’s enterprise development group, said.

“Singapore has a significant role to play in the transformation of the agri-food sector. The Asia Sustainable Foods Platform aims to support local and regional businesses, innovate, scale up and commercialise,” he added.

According to Temasek research, Asia is expected to require around $1.55 trillion of investment over the next decade to satisfy growing consumer demands for healthier and more sustainable food options, with the most pressing issues being food security and the strengthening of supply chains.

One-stop shop for food startups

A core part of the Asia Sustainable Foods Platform will be the Food Tech Innovation Center, a base to provide tailored infrastructure and service offerings to promising food-tech start-ups.

The center is designed as a one-stop shop where aspiring food-tech start-ups would be provided with access to a pilot facility with extrusion and fermentation equipment, shared labs, test kitchens, co-working spaces, as well as research and development know-how.

Strong consumer demand for healthier and more sustainable food

Temasek has so far invested in California-based companies such as Impossible Foods, which produces plant-based meat alternatives, and Eat Just, a producer of cell-based protein. Both companies are now billion-dollar start-ups, or unicorns.

Chuan said the new platform would support solutions across the spectrum of sustainability needs, from alternative proteins to food waste reduction and technologies to reduce emissions from methane, a major contributor to climate change.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Singapore has plans to substantially boost its domestic food industry over the next three years by promoting and funding innovative companies in the sector, the city-state’s government investment fund Temasek said in a statement of November 15. As a start, Temasek and Singapore’s Agency for Science, Technology and Research will pump more than $30 million into the Asia Sustainable Foods Platform, a newly established initiative meant to support, as an enabler, operator and investor, food-tech companies as they go through their lifecycle from product development to commercial scale-up by providing research and development advisory, operational capabilities and funding. The initiative...

Singapore has plans to substantially boost its domestic food industry over the next three years by promoting and funding innovative companies in the sector, the city-state’s government investment fund Temasek said in a statement of November 15.

As a start, Temasek and Singapore’s Agency for Science, Technology and Research will pump more than $30 million into the Asia Sustainable Foods Platform, a newly established initiative meant to support, as an enabler, operator and investor, food-tech companies as they go through their lifecycle from product development to commercial scale-up by providing research and development advisory, operational capabilities and funding.

The initiative should help prompt additional investments from the private sector in the agriculture technology, or agritech, industry, Temasek representatives said.

Support for local business to innovate and commercialise food alternatives

“Temasek has invested over $8 billion in the global farm-to-fork value chain since 2013, and we will continue to increase our investments in this space,” Yeoh Keat Chuan, deputy head of Temasek’s enterprise development group, said.

“Singapore has a significant role to play in the transformation of the agri-food sector. The Asia Sustainable Foods Platform aims to support local and regional businesses, innovate, scale up and commercialise,” he added.

According to Temasek research, Asia is expected to require around $1.55 trillion of investment over the next decade to satisfy growing consumer demands for healthier and more sustainable food options, with the most pressing issues being food security and the strengthening of supply chains.

One-stop shop for food startups

A core part of the Asia Sustainable Foods Platform will be the Food Tech Innovation Center, a base to provide tailored infrastructure and service offerings to promising food-tech start-ups.

The center is designed as a one-stop shop where aspiring food-tech start-ups would be provided with access to a pilot facility with extrusion and fermentation equipment, shared labs, test kitchens, co-working spaces, as well as research and development know-how.

Strong consumer demand for healthier and more sustainable food

Temasek has so far invested in California-based companies such as Impossible Foods, which produces plant-based meat alternatives, and Eat Just, a producer of cell-based protein. Both companies are now billion-dollar start-ups, or unicorns.

Chuan said the new platform would support solutions across the spectrum of sustainability needs, from alternative proteins to food waste reduction and technologies to reduce emissions from methane, a major contributor to climate change.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply