Temasek and Bayer form new agribusiness venture
Dubbed as Unfold, it utilises the seed genetics from vegetable crops to develop seed varieties.
Temasek and German pharma firm Bayer AG has formed a new company that focuses on creating vegetable varieties for vertical farms, a joint press release said.
Dubbed as Unfold, it utilises the seed genetics (germplasm) from vegetable crops to develop seed varieties coupled with agronomic advice.
The venture has already raised $41.15m (US$30m) in the initial funding round and entered into an agreement for certain rights to germplasm from Bayer’s vegetable portfolio.
The investment aligns with Bayer’s vision of “Health for All, Hunger for None”, a commitment to the Sustainable Development Goals the United Nations has set for 2030, the press release stated.
“As a company fully focused on the vertical farming industry, Unfold will combine leading seed genetics with the best agtech experts in order to dramatically advance productivity, flavor and other consumer preferences. We look forward to serving the market through partnerships with vertical farming operators, technology providers and others across the produce supply chain,” said John Purcell, CEO of Unfold.