Property tycoon Vincent Tchenguiz has invested $8m (£6.4m) in tech company The Trendlines Group, following an announcement earlier this year that he plans to target proptech companies as he diversifies his portfolio.
Tchenguiz has made the investment through his UK-based trust Librae Holdings after revealing in March that he planned to sink around $100m in alternative sectors, including technology with a focus on insurance, medical and agriculture tech.
Trendlines, which is based in Israel but trades its shares on the Singapore Stock Exchange, invents, discovers, invests in, and incubates innovation-based medical and agricultural technologies, and has a history of developing and investing in early-stage companies.
Tchenquiz said: “We believe in Trendlines’ business model and are convinced that this represents a great opportunity. Today our investments are focused on Europe, Israel, and the United States, but we have been looking at Singapore as a target for a long time, and we view Trendlines as an avenue into that important market.
“We believe we could provide new markets for the underlying companies and very much like the concentration in agritech and medical devices that fit on developing financial model both in health care and planet eco system, which includes agritech, foodtech and cleantech.”
Trendlines chairman and chief executive Todd Dollinger said: “Librae Holdings’ numerous life science investments in Israel and around the world make them more than a financial investor, but an investor with the ability to provide strategic value to Trendlines.”
Librae Holdings will purchase 103.6 million new ordinary shares in the capital of Trendlines, representing about 14.55% of the enlarged share capital of Trendlines following the placement at a price of SGD0.105 per share.
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