Trendlines Medical Singapore and K2 Global selected for SGD100 million start-up program
Trendlines Medical Singapore will collaborate with Ozi Amanat’s Singapore-based venture capital firm K2 Global and has been appointed as one of the partners under the Startup SG Equity program, which is administered by SPRING SEEDS Capital (SSC), the investment arm of Spring Singapore.
In July 2017, SSC announced a SGD100 million investment allocation to groom start-ups and issued a call to the appointed partners to co-invest in the health and biomedical sciences and other fields.
Together, Trendlines Medical Singapore and K2 Global will invest in medical technology companies seeking Series A funding. Trendlines Medical Singapore CEO Eric Loh remarked, “The collaboration between Trendlines Medical Singapore and K2 Global leverages Trendlines’ experience and proven track record in identifying, incubating, and grooming medical technology companies while working closely with K2 Global to provide growth capital and support to help scale operations and facilitate global opportunities. This is an ideal relationship that will contribute substantial value to Singapore’s medical technology start-up ecosystem.”
Founder of K2 Global Ozi Amanat added, “As a venture capital firm, K2 Global has had great successes in harnessing the value of growth-stage companies. The partnership with Trendlines Medical Singapore combines the strength of our two companies and adds tremendous value to medical technology companies seeking continuous business nurturing while exposing themselves to the plethora of opportunities in global markets.”
Trendlines Medical Singapore and K2 Global anticipate co-investing with SCC in more than 11 companies during the eight-year period of the partnership. Both Loh and Amanat consider the pipeline of deals originating from Trendlines Medical Singapore’s incubator, and other companies with a strong development focus in Singapore, as a rich environment for investment.
Chairman of Trendlines Medical Singapore Todd Dollinger added, “We are pleased to work together with SPRING SEEDS Capital in translating health care and biomedical technologies — through active incubation and follow-on financing — into growing companies that will improve the human condition. Our participation in the Startup SG Equity program broadens our ability to develop early-stage medical technology companies in Singapore. Our collaboration with K2 Global will further strengthen our successful efforts in raising funds from strategic investors to boost the value of our portfolio companies. We expect numerous successful investment outcomes in the coming years.”
Chairman of SPRING SEEDS Capital and Deputy Chief Executive of SPRING Singapore, Ted Tan said, “The Trendlines Group has a good track record in Israel, with its portfolio of companies having raised significant follow-on funding and achieved sizeable exits. Their partnership with K2 Global will provide access to new networks and capital, which will boost the deep tech scene in Singapore. We look forward to partnering with Trendlines Medical K2 Global in advancing medical technology development, a key area under the Research, Innovation and Enterprise 2020 masterplan.”
The entry into the collaboration with K2 Global by Trendlines Medical Singapore is not expected to have any material impact on the earnings per share and net tangible asset per share of The Trendlines Group for the financial year ending 31 December 2018.
The Company will update shareholders via SGXNET if and when there are any further material developments in connection with the partnership with K2 Global. None of the Company’s directors, substantial shareholders, and/or any of their respective associates has any interest, direct or indirect (other than through their shareholdings in the Company), in the above partnership.