By Lynda Kiernan, Global AgInvesting Media
Malta-based agtech VC fund PeakBridge and EIT Food, the largest Agrifood Innovation Ecosystem in the world backed by the European Institute of Innovation and Technology (EIT), have partnered to launch PeakBridge FoodSparks, a new EUR 30 million (US$35.7 million) Seed and early stage fund to back European agrifood tech startups.
Over the next four years the fund is aiming to invest in approximately 10 startups domiciled in Europe/EFTA (European Free Trade Association) and Israel per year. Each startup will have scalable and protectable technology, and will align with EIT Food’s mission to forge food systems that are more sustainable, healthy, and trusted.
“Funding the next generation of agrifood innovations is one of the most important steps we can take in ensuring a sustainable future for the global food system. That is why we are so excited to announce the launch of the FoodSparks fund,” said Andy, Zynga, CEO, EIT Food.
“By working with PeakBridge and its venture capital resources, we can offer entrepreneurs and start-ups across Europe the chance to realise their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste.”
Managed by PeakBridge, FoodSparks will be headed by managing partner Yoni Glickman, who will work closely with the fund’s investors, including Ordway Selections, CPT Capital, Givaudan, Puratos, and Gullspång Re:food, to provide the fund’s portfolio companies the ability to access a wide range of potential co-investment and follow-on investment opportunities.
But beyond capital, companies invested in by the fund have the opportunity to benefit from mentorship and advice backed by decades of experience in the food space garnered from the broader EIT Food network consisting of key industry leaders, and academics and startups from across Europe.
Erich Sieber, managing partner at PeakBridge, commented, “In addition to privileged access to deal-flow, due diligence and business development, the collaboration between EIT Food and FoodSparks® by PeakBridge will offer our portfolio companies direct access to the EIT Food network thus creating significant additional value in addition to our investment.”
– Lynda Kiernan is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.