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Trendlines, Tchenguiz set up $40m agritech fund

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Friday, September 27th, 2019

Source: Globes

Israeli company Trendlines, which is listed on the Singapore Exchange, has announced the founding of a fund for investing in Israeli agritech. The fund will be established by Trendlines together with UK billionaire Vincent Tchenguiz’s CBG investment fund, and in partnership with major Singapore investment fund Temasek, in Singapore with local government support.

Trendlines announced today the closing of the fund’s first investment of $22 million, which is expected to rise to $40-60 million later. Before today’s report, Trendlines was traded on the Singapore exchange at a $40 million (S$55 million) market cap.

A third of the sum to be raised will be earmarked for investment in young companies, mainly in Singapore, while two thirds will be set aside for investment in more mature companies, including in Israel.

Trendlines was founded in Israel by Todd Dollinger and Steve Rhodes, immigrants to Israel from the US, first as a consultant company for startups and later as a franchise holder for two technological incubators: the Misgav incubator and the Kiryat Arba incubator, now called Trendlines Medical and Trendlines Agtech.

The company has posted several exits in the millions or tens of millions of dollars, including ET View Medical and FlowSense Medical, both initially listed on the Tel Aviv Stock Exchange (TASE), and medical devices companies MitrAssist, Stimatix GI, Inspiro Medical, and PolyTouch Medical. All of these companies were sold at relatively low prices, but the investment in them was also small, so the returns on them were substantial.

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