Elite Partners Capital (EPC), Singapore-based asset management firm announced on July 8 that it has invested S$3 million (€1.95 million) in Norwegian cold chain management specialist TAG Sensors.
The signing ceremony for the investment was held on July 8 at the Norwegian Embassy in Singapore.
The agreement was inked by EPC’s Executive Chairman Micheal Tan and TAG Sensors’ CEO Knut Nygård and CFO Thomas Nilssen at the presence of Ambassador of Norway to Singapore Anita Nergaard, and Innovation Norway’s Director and Commercial Counsellor Pål Kastmann.
According to TAG Sensors, EPC’s Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in Norwegian growth companies, signed the agreement for an investment of a significant minority stake in TAG Sensors.
Under the investment term, TAG Sensors is expected to establish its Asian headquarters in Singapore to leverage on the country’s skilled local talent, modern IT infrastructure, rigorous IP protection and strategic importance as a major logistics hub.
As one of the first investments by a Singaporean fund in a technology company from Norway, this investment will enable EPC to leverage on its network and resources to help TAG Sensors expand in Asia.
As a provider of advanced solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation, TAG Sensors invented its main product “Proprietary Temperature Logging Label” which is a low-cost, printable temperature sensor functioning as a temperature monitor that can be attached to a product or package, facilitating continuous tracking of an item’s temperature from production to consumption.
With the mission to become the global standard in cold chain integrity measurement and analytics, TAG Sensors aimed to identify and ultimately reduce product waste in the food and pharmaceutical.
EPC’s Micheal Tan said, “TAG Sensors has a suite of technologies which can transform the entire cold chain logistics industry. Our investment decision is anchored by the firm belief that this is a game-changer which has great potential for expansion in Asia and beyond.”
“We also hope that through this inaugural investment in Norway, EPC can help facilitate Singapore as an important bridge between Asian capital and Nordic technology. This will also open up more Asian-EU economic and technological partnerships,” he added.
TAG Sensors’ Knut Nygård said, “We are delighted to have EPC as a significant investor. We intend to tap on EPC’s network to expand across Asia and add value to the cold chain sector across the region. EPC is a welcome addition to our existing investors that include London-based Breed Reply and Platform Ventures USA.”
Innovation Norway’s Pål Kastmann said, “Norway’s startup and growth companies are highly innovative and have great potential for development. EPC’s investment in TAG Sensors underpins Singapore’s receptiveness to innovation and we hope that this will be the first of many partnerships between Singapore and Norway.”
“Innovation Norway has been working with TAG Sensors for the past 4-5 years targeting several markets worldwide. We are very pleased that it has successfully diversified its portfolio to include food transportation technology, and believe Singapore will be a perfect point of expansion into South East Asian markets,” he added
Source:TAG Sensors’ blog