April 15, 2021

By Lynda Kiernan, Global AgInvesting Media

Lever VC, an early stage alternative protein investor, announced a fourth close at $46 million for its Lever VC Fund I.

Headquartered in Hong Kong, Lever VC has connections with some of the top global names in alternative protein, with partners Lawrence Chu and Nick Cooney being early investors in Beyond Meat, Kite Hill, Impossible Foods, Aleph Farms, Memphis Meats, and other category leaders.

Nick Cooney is also a co-founder of The Good Foods Institute, the largest alternative protein industry NGO in the world, that has worked with major food groups across North America, Europe, Latin America, and Asia for 15 years, bringing together scientists, investors, and entrepreneurs focused on clean meat and plant-based alternatives to animal-based products looking to make food in new and better ways. 

Lever VC Fund I had its first close at $23 million less than a year ago in the middle of the global pandemic, in August 2020. Today, the fund’s third and fourth close combined included the addition of three corporate strategic investors from Europe and Asia (including one of the world’s largest agrifood companies with annual revenue exceeding $50 billion), British nobility, NFL and NBA athletes, and a range of family offices. 

“We are pleased to have welcomed a variety of great, value-add corporate strategic and family office investors  into the Lever VC Fund,” said Nick Cooney, managing partner, Lever VC. “The Fund’s third and fourth closes  included capital from NBA and NFL athletes, British nobility, alternative protein industry veterans, and leading European and Asian food corporates that will bring tremendous reach to our portfolio companies.”

Partners Nick Cooney and Lawrence Chu have been investing in the alternative protein space since 2015, and have venture partners in the U.S., UK, France, Israel, India, Hong Kong, mainland China, and Singapore. With this experience and network behind them, the team has built out a portfolio, which currently stands at 14 cutting-edge, global alternative protein investments, that has grown in value by 2.33X in its first seven quarters.

The list includes Turtle Tree Labs, the top cultivated dairy company in the world; Mission Barns, which only last week announced a $24 million Series A in support of its cultivated fat technology; Bluu Biosciences, a cultivated fish startup that announced a EUR 7 million Seed round this March; the Better Meat Co., a provider plant-based enhancing ingredients to mainstream food companies; and an extensive list of other category-leaders including Bond Pet Foods, Mozza, Avant, Good Planet Foods, A Dozen Cousins, Bladbird Foods, Grounded, The Good Spoon, Marvelous Foods, and The New. 

By 2050, the dietary needs of more than 10 billion people will have to be met, and met in ways that are sustainable, reduce climate change, and mitigate environmental challenges – all goals that alternative proteins are aiming to meet.

In the months between January and July 2020, investment in plant-based foods exceeded $907 million, compared to investment of $457 million for all of 2019. Over the same time period, investment in cell-based meat totaled $209 million, according to a report released by FAIRR – an investor network that estimates that the entire alternative protein market will be valued at $17.9 billion by 2025.

And by 2054, Lux Research expects alternative proteins to command up to a third of the entire protein market as they fill the void created by slowing growth in meat and seafood production as health-conscious consumers make more nuanced and informed choices in their diets. 

Amid this landscape, Lever VC has boots on the ground in the U.S., UK, France, the Netherlands, India, Israel, Singapore, mainland China, and Hong Kong tracking more than 1,600 global alternative protein companies. And with its partners who have been previous investors in leading alternative protein companies, including Impossible Foods, Beyond Meat, JUST, Memphis Meats, Aleph Farms, Mosa Meats and others, Lever VC, will continue to back early stage alternative protein companies, and will remain open to new investors until its final close.

“The alternative protein market is continuing to grow quickly, and with our deep experience and proven record of returns in the sector, as well as preeminent deal flow across the North America, Europe, Asia and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein,” said Lawrence Chu in August 2020 when Fund I’s first close was announced. 

– 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.com.