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AgTech FoodTech

Singapore Food Bowl aims to help regional agri-food tech startups

GROW’s Singapore Food Bowl program aims to help regional agri-food tech startups fast track their growth trajectory and commercialise novel technologies specifically relevant to Singapore’s food security agenda. The 12-week virtual accelerator allows for the local ecosystem to make a change together, by forming a cohort of local and regional startups to address the challenges and opportunities in food security and supply chain highlighted by the current COVID-19 pandemic.

Singapore Food Bowl is targeting startups focused on technologies to accelerate & improve the production of Proteins (animal & alternative) and Leafy greens (controlled environment agriculture) as well as solutions that address Food Waste, Sustainable Packaging and Digital Supply Chains.

If you’re developing technologies that can materially improve productivity in the areas aligned with Singapore’s 30×30 food pillars, namely protein production and leafy greens,

Startups incorporated in Singapore or based in Asia-Pacific and having a minimum viable product (Pre-Seed to Seed stage in terms of funding) are eligible to apply for the accelerator program. Applications for the program can be filled by up to 7th of June.

Read more at Grow

Categories
Bankruptcy Commodities

Phoenix Commodities has gone into liquidation after amassing $400m in potential trading losses

Phoenix Commodities, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million (S$567 million) in potential trading losses. It was valued at $1.1bn-$1.24bn as recently as January, according to a document filed by its provisional liquidators.. The Phoenix Group, which was registered in the British Virgin Islands, operated globally with about 100 corporate entities located in Europe, Africa, Asia, Australia and North America and employed over 2,500 people.

First Abu Dhabi bank reports $73.3m exposure to Phoenix Commodities. Emirates NBD, Mashreq, HSBC Holdings and Standard Chartered were also owed millions by the company.

ArabianBusiness.com

Phoenix Commodities began as a rice trading business in 2001. Its executive chairman, Gaurav Dhawan, became the majority shareholder in 2006 and expanded its activities. It had three main divisions – agrifoods, resources (coal and metals trading) and consumer brands. Phoenix traded 12m tonnes of commodities and goods last year and claims to be one of the largest rice distribution companies in the world.

Categories
Food Loss/Waste

National Environment Agency, Singapore, launched a S$1.76 million food waste fund

The National Environment Agency (NEA) launched a S$1.76 million (US$1.26 million) food waste fund as part of its efforts to tackle climate change. The fund aims to help organisations subsidise the cost of installing food waste treatments solutions. Capped at S$100,000 (US$70,000) per applicant, it will cover the capital cost of waste treatment systems, accompanying equipment like bin lifters and any improvements to existing infrastructure. Companies, non-profit organisations and condominium management bodies can apply for it between May 18, 2020 and Feb 28, 2021.

Food waste accounts for about 10 per cent of the total waste generated in Singapore and its recycling rate remains relatively low.

Singapore’s inaugural Zero Waste Masterplan maps out Singapore’s key strategies to build a sustainable, resource-efficient and climate-resilient nation. This includes adopting a circular economy approach to waste and resource management practices, and shifting towards more sustainable production and consumption.

Zero Waste Masterplan aims to reduce waste sent to landfill each day by 30 percent by 2030. It also outlines plans to achieve a 70 per cent overall recycling rate by 2030. The plan sets targets for food waste, electronic waste, packaging waste and research and development.

Read more at CNA

Categories
AgTech Protein

Insectta Receives R&D Funding to Fuel Insect Biomaterials Research

Insectta, founded in 2017, started as an insect farm focused on producing alternative proteins for animal feeds, but pivoted to the extraction of biomaterials from insects. As the first urban insect farm in Singapore rearing the black soldier fly (hermetia illucens), Insectta takes food waste and returns it into the economy as valuable biomaterials.

Trendlines Agrifood Fund, a medical and agricultural technologies focussed fund, has invested an undisclosed amount in Insectta, to fuel the work on the extraction of valuable insect-derived biomaterials.

Insectta manufactures black soldier fly chitosan, which is much purer and lower in heavy metals than conventional chitosan and have applications in pharmaceuticals, cosmetics, anti-microbial food packaging, and agrotech. The company is in the midst of developing a superior black soldier fly derived animal feed additive that functions as both a protein and a probiotic.

Read more at Trendlines

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Investments

Growthwell Group raises US$8 m for scale-up of plant-based alternatives

Growthwell, a leading manufacturer of plant-based alternatives for meat and seafood for the South East Asian market, announced that it has raised US$8 million in a funding round led by Temasek, with other investors DSG Consumer Partners, Insignia Ventures, Genesis Ventures, Brandify and Mr Koh Boon Hwee participating. The proceeds from this funding round will accelerate Growthwell’s growth into alternative proteins and future food solutions, taking its vision of sustainable plant-based choices to a global stage.

Growthwell’s growth plans include the setup of an end-to-end technology centre in Singapore focusing on R&D and manufacturing. Growthwell’s vision is to be Asia’s leading plant nutrition food tech company, with an aim to care for 100 million lives with sustainable and nutritious plant-based choices while reducing the world’s overall meat consumption.

Read more at MediaOutReach

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Uncategorized

Singapore announces SGD 30 million investment in agri-food industry

Singapore on Wednesday announced a 30-million Singapore dollar investment in the agri-food industry to speed up the production of commonly consumed food items like eggs, vegetables and fish during the coronavirus crisis. Called the 30×30 Express grant, it aims to strengthen Singapore’s food security, as part of its goal of meeting 30 per cent of the country’s nutritional needs with food produced locally by 2030. The grant call will enable the government to crowdsource and support ideas from the agri-food industry to develop innovative approaches to grow food productively and sustainably. Local farmers can use the grant to help defray the cost of accelerating production capacity within the next six to 24 months. This includes co-funding of productivity-enhancing technology systems.

Read more at Outlook

Categories
Uncategorized

Grow local: Singapore’s ’30 by 30′ goal to produce 30 per cent of its nutritional needs locally by 2030

With global panic buying, some countries moving towards food protectionism and more nations going into lockdown during the coronavirus pandemic, food security has been thrust into the spotlight. Local production helps mitigate reliance on imports and serves as a buffer during supply disruptions to import sources, which contributes to our food security. According to the Singapore Food Agency (SFA), the 77 leafy vegetable farms here, including 25 indoors and two on rooftops, accounted for 14 per cent of total consumption last year. Three hen-shell egg farms made up 26 per cent of total consumption, while 122 fish farms (110 coastal fish farms and 12 land-based ones) contributed 10 per cent.

Read more at StraitsTimes