THE Trendlines Group said on Monday it has signed a definitive agreement with Bayer AG to set up a limited partnership in Israel, in which Bayer will invest US$10 million.

The fund, known as Bayer Trendlines Agtech Innovation Fund, will be managed by Trendlines and will focus on investments in early-stage agritech companies of the group.

"The aim of the Fund is to leverage on Trendlines' expertise in making early-stage agritech investments and to establish and invest in companies that could be of interest to Bayer," The Trendlines said.

This followed the signing of a memorandum of understanding between the two companies for the setting up of the fund in January.