July 5, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Newly formed, early-stage VC platform Joyful Ventures explained that it offers a compelling value proposition for the climate crisis by driving climate solutions through sustainable protein and food technology, citing a recent study by Boston Consulting Group that found that investing in plant-based protein is eleven times more impactful than EVs, four times more than green building, and three times more than decarbonizing cement. 

“Rather than trying to capture the carbon, methane, and nitrogen that we’re creating, let’s prevent it from happening by changing what is on our plates,” said Jennifer Stojkovic, a co-founder of the fund. “If you are investing in climate, and you want real, scalable solutions, there’s nothing better than food.”

As a debut fund, Joyful Ventures is being launched by partners Milo Runkle, Jennifer Stojkovic, and Blaine Vess, who together bring over 40 years of expertise in the alternative protein sector, entrepreneurship, and investment. 

Runkle is the founder of Mercy for Animals, and co-founder of New Crop Capital and The Good Food Institute, reflecting a career dedicated to advocating for food system reforms. 

Stojkovic is an award-winning author and the founder of the Vegan Women Summit, serving as an advisor and on the boards of some of the industry’s leading brands, and Vess is a seasoned entrepreneur and investor in more than 50 startups with a proven track record of successful exits. 

Together, this team represents the industry’s only LGBTQ-and woman-led firm, stating they are dedicated to building the next generation of game-changing companies. 

“We are not just investing in companies; we are investing in global transformation,” said Runkle. “We are proud to champion entrepreneurs forging a future where nutritious, sustainable food is universally accessible.”

To achieve this goal, the fund will focus on disruptive, early-stage startups working across all facets of sustainable and regenerative protein solutions including plant-based, precision fermentation, mycoproteins, molecular agriculture, and cultivated protein technologies, with a strong focus on B2B

“The future is full of world-changing sustainable protein companies whose founders face critical challenges in early stages,” said Vess.

The fund has already made investments in two such innovative startups: San Francisco-based Orbillion Bio, the developer of a proprietary full stack approach to cultivate meat, and Toronto-based New School Foods, a startup leveraging a novel muscle fiber and scaffolding platform to create plant-based seafood alternatives. 

It was just in February of this year that GAI News shared that New School Foods closed on $12 million in Seed funding from Lever VC, Blue Horizon, Hatch, Good Startup, Alwyn Capital, and Joyance Partners. This funding was also accompanied by grants from multiple agencies including Protein Industry Canada. 

As a new early-stage investor looking to catalyze the $1.5 trillion animal protein industry toward more sustainable food solutions, the timing this fund launch is propitious, falling on the heels of a landmark decision by the USDA to approve the sale of lab-grown chicken to U.S. consumers from two California companies – Upside Foods and Good Meat. 

“We have been the only company selling cultivated meat anywhere in the world since we launched in Singapore in 2020, and now it’s approved to sell to consumers in the world’s largest economy,” said Josh Tetrick, co-founder and CEO, GOOD Meat and Eat Just. “We appreciate the rigor and thoughtfulness that both the FDA and USDA have applied during this historic two-agency regulatory process.”

“I’m thrilled to share that cultivated meat will now be available for consumers in the U.S.,” said Dr. Uma Valeti, CEO and founder, UPSIDE Foods. “This approval will fundamentally change how meat makes it to our table. It’s a giant step forward towards a more sustainable future – one that preserves choice and life. We are excited to launch with our signature, whole-textured UPSIDE chicken and can’t wait for consumers to taste the future.”

~ Lynda Kiernan-Stone is editor in chief 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 Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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