March 16, 2018

New venture capital firm Five Seasons Ventures today announced the first closing of its fund with commitments in excess of €60 million (US$74 million) to invest in both foodtech and agtech, with a focus on Italy and France. Initial investors in the fund include InnovFin Equity, Nestlé, Fondo Italiano d’Investimento, and Bpifrance, along with the financial backing of the European Union under Horizon 2020 Financial Instruments.

Founded by partners Ivan Farneti and Niccolò Manzoni, the fund will invest primarily in early-stage companies that are, according to the company’s website, “developing technological innovations aimed at solving the key challenges the sector currently faces, from healthier food, to shorter supply chains, to quantified and personalised nutrition, to alternative proteins.”

“In 2018, the opportunity for venture investing in Food Tech reminds me of where software and the internet were back in 1997, when a huge wave of innovation was not yet met by an adequate supply of capital,” Farneti said. “This is the time to invest in this sector bringing together institutional capital and the venture investor mindset.”

Europe Ripe for Food and AgTech Investment

Manzoni told Tech Crunch that “Europe is home to many of the most innovative food corporates, the biggest of which, Nestlé, has joined as one of the investors in our fund. There is less competition for capital, therefore lower valuations and more ‘frugal’ startups. European Universities are playing a key role in incubating food innovation.”

By David Nitchman, GAI Media