Singapore Food Bowl targets a “decentralized” agri-food ecosystem for promising start-ups
05 Jun 2020 --- Southeast Asian agri-food tech accelerator GROW is spearheading a new 100 percent online program, backed by the venture capital platform Agfunder. Developed in response to the COVID-19 pandemic and the supply chain weaknesses it has laid bare, Singapore Food Bowl is aimed at building a more resilient, decentralized agri-food ecosystem. The program also ties into Singapore’s “30 by 30” policy initiative, which aims for the city-state to enhance its food security by domestically sourcing 30 percent of its nutritional needs by 2030 – up from less than 10 percent today.
“Initiatives such as Singapore Food Bowl will be important in driving activity and interest in the agri-food tech ecosystem, as well as identifying novel innovations that can be applied to Singapore’s landscape,” says a spokesperson for Enterprise Singapore, a backer of the program alongside Dole Packaged Foods.
Also backing the program, fruit and vegetable brand Dole Packaged Food will contribute industry insight to Singapore Food Bowl in its role as lead sponsor. “Dole is very proud to take leadership in nurturing and growing the Singapore agri-food tech ecosystem, particularly during this time of uncertainty, when courage and foresight is needed to drive the sector forward,” details Dole Packaged Foods President Pier Luigi Sigismondi.
Singapore Food Bowl applicants will get access to AgFunder’s network of almost 80,000 members and subscribers.“Through our engagement with the local ecosystem, we hope to find solutions to help us solve many of the challenges our industry is facing – including equitable living and yield predictions for farmers; zero waste in our supply chain; new, innovative, sustainable packaging solutions; and more,” he adds.
As well as receiving mentoring from some of the region’s top food and tech companies and coaching from GROW, successful Singapore Food Bowl applicants will get access to AgFunder’s network of almost 80,000 members and subscribers. “They’ll be able to immerse themselves in what is rapidly becoming Asia’s agri-food tech hub – without having to hop on a plane to get there,” the accelerator highlights.
Moreover, the program will be helpful for teams who want to apply to its flagship program for promising startups and later-stage scale-ups: The GROW Accelerator. They will also be in the running to secure investment from AgFunder or its partners, as well as to cement relationships with industry and research institutions.
Leaning on industry for support
Homegrown Singaporean startup Singrow, a GROW alumnus, has created tropical strawberry varieties, as well as a patent-protected hydroponics system for their cultivation.
“We appreciated the collective wisdom of the industry veterans who also acted as mentors for the program. The insights shared were immensely valuable, and equipped us with the appropriate tools to assess the pathways ahead of us,” says Timothy Chua, Singrow’s Business Development Manager.
“Industry guests from Nestlé and other companies provided additional feedback and helped us avoid being blindsided by aspects of business that we hadn’t considered, such as the intricacies of intellectual property management,” he adds.
Singrow has managed to secure follow-on funding after completing the GROW program.
“Huge markets for us”
Bill Choi is Co-Founder at NanoLambda, a GROW graduate from South Korea which is developing the world’s smallest optical spectrometer for monitoring food quality, among other purposes.
“We were networking with top tier companies, government agencies, and R&D centers,” he says of his time in the program. “Everything was well-coordinated and arranged for us. Many potential customers now understand we are serious about agrifood, with a really useful technology. I also learned Southeast Asia and India could become huge markets for us going forward.”
NanoLambda secured A*STAR, Singapore’s national research and development institute, during its participation in the GROW Accelerator. It also found a manufacturing partner for the start-up’s devices.
The “defining factor” in business growth
Intello Labs notes it has “gone from strength to strength” since joining GROW’s first cohort. The startup from Gurgaon, India, raised US$5.9 million in Series A funding last month from AgFunder’s GROW Asia Fund, Omnivore, Saama Capital, Nexus venture Partners and SVG Ventures Thrive.
Head of Asia-Pacific operations Tanmay Bhargava says that participating in GROW has been a “defining factor” in Intello’s growth in the region. The program helped the startup with “pitching our proposition in the right way, our go-to-market plan for the region, market access in Australia, and – most importantly – visibility,” he says.
“Among the tangible outcomes, the most important for us were business introductions to potential prospects and industry experts,” Bhargava concludes.
Edited by Benjamin Ferrer
