Singapore/Oslo 8 July 2019 – Singapore private equity firm Elite Partners Capital (“EPC”) announced today its investment of S$3.0 million (€1.95 million) in TAG Sensors, a Norway-based provider of advanced solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation.
TAG Sensors’ proprietary Temperature Logging Label is a low-cost, printable temperature sensor that can be attached to a product or package, facilitating continuous tracking of an item’s temperature from production to consumption.
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.
Following the investment, TAG Sensors will set up 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.
The investment represents one of the first investments by a Singaporean fund in a technology company from Norway, which is seeking to diversify from its traditional reliance on the oil and gas sector. EPC will leverage on its network and resources to help TAG Sensors expand in Asia, a region of rapid economic growth which is experiencing accelerated demand for advanced logistics solutions.
The investment agreement was signed by EPC’s Executive Chairman Mr. Micheal Tan and TAG Sensors’ CEO Mr. Knut Nygård and CFO Mr. Thomas Nilssen at the Norwegian Embassy in Singapore. The signing was witnessed by the Ambassador of Norway to Singapore, Her Excellency Anita Nergaard, and Innovation Norway’s Director and Commercial Counsellor Pål Kastmann.
Established in 2012, TAG Sensors is a recipient of a €1.4 million grant from Horizon 2020, the EU Research and Innovation programme. It offers solutions that include Big Data analysis, digitalization, blockchain, sensor technology, and RFID and NFC wireless technologies.
TAG Sensors aims to become the global standard in cold chain integrity measurement and analytics; identifying and ultimately reducing product waste in the food and pharmaceutical industries.
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
Pål Kastmann, Director and Commercial Counsellor of Innovation Norway (extreme left), Micheal Tan, CEO of Elite Partners Capital (second from the left), Knut Nygård, CEO of TAG Sensors (second from the right) and the Ambassador of Norway to Singapore, HE Anita Nergaard (extreme right)