Temasek raises agritech funds for Singapore Food Security push

Temasek, a government-funded businessman in Singapore, is still pushing for agricultural technology as the city turns to meat and dairy labs for food.

The fund has invested more than $ 8bn in the sector, including more than 30 startups, nearly a quarter of which have generated more than $ 1bn. Businesses of life sciences and agribusiness make up 10 per cent of the fund, says Anuj Maheshwari, general manager of the Temasek agricultural sector.

The push for the fund comes as the Singapore government achieves its “30 and 30” target of producing 30% of its food needs in the country by 2030.

The coronavirus has strengthened the confidence of the Southeast Asian city by bringing in more of its own food. Singapore, a 5.7m country that is slightly smaller than New York City, has a small agricultural area and exports 90 percent of the food it eats.

Advertisers including Temasek are also attracted to the idea of ​​making meat without killing animals or destroying the environment, and the section is delighted. increase cash flow over the past few years along with other methods of plant production.

Temasek CEO Dilhan Pillay Sandrasegara, who took over The $ 282bn fund last month, will focus on a commitment to reduce carbon emissions in the region compared to the 2010 target by 2030 and to zero by 2050.

Money around the world is accumulating money in ESG Investment, with investors looking to environmental, social and management issues as part of their decision-making. But some companies that promote their sustainability have been criticized for “washing the leaves”.

Temasek on Monday launched the Asian Sustainable Foods platform to accelerate sustainable food sales, support growing companies in the region and educate consumers.

“We want to get as many companies as we can to operate,” Maheshwari said.

Population growth and urbanization combined with the environmental crisis in Asia have created a need for more food and modern agricultural practices than are the norm in the rest of the world, he said.

Temasek also announced an agreement on Monday with Archer-Daniels-Midland, a US food processing company, and a German processing company in Cremer to grow other foods, including plant-based proteins and energy products.

Singapore has become a country first world accepting lab-filled meat last year. The launch of US Eat Just Takeaway.com, one of Temasek’s initiatives, produced chickens raised in animal cells, which served at several local restaurants this year.

Temasek’s history also includes another way to start a milkshake Perfect Day, a home-grown company in Bowery and Apeel, a group behind the invisible leather diet that enhances the shelf life of food including pears, oranges and other fruits.

But some countries did not want to embrace the protein produced by the lab and several startups, including Eat Just Takeaway, have struggled to get approval in their markets.

An ESG city-based retailer said Singapore could offer a template to other regulators.

“When Singapore, which is known for its anti-threats, accepts items such as animals that are grown for commercial use, it makes it possible for other regulators around the world to recognize it,” said the fundraiser.