By Lynda Kiernan-Stone, Global AgInvesting Media
Lewis & Clark AgriFood announced that its overall growth equity strategy has closed at $257 million – with its Lewis & Clark AgriFood Fund II closing oversubscribed at more than $169 million, and its Lewis & Clark RBIC Fund II at $88 million in December 2020.
Based in St. Louis, Lewis & Clark AgriFood takes a holistic approach to investment, considering growth-stage investments in companies along the entire value chain – seeking out underserved sub-sectors in the ecosystem.
St. Louis is home to the highest concentration of plant science PhDs in the world, while the firm’s location puts it within 500 miles of 70 percent of U.S. agricultural production – giving it proximity to a vast pool within which to identify, forge connections, and deploy investments.
To this sphere, Lewis & Clark AgriFoods brings to bear a wide swath of experience in the sector, and an extensive network that it leverages through its partnerships with its portfolio companies to enhance performance.
“We are very pleased with the funding for our AgriFood growth strategy, and we are excited to get to work with our partners to modernize the food and agriculture value chain,” said Dave Taiclet, general partner and managing director, Lewis & Clark AgriFood. “As the industry undergoes a considerable transformation fueled by advancements in science and technology, there has never been a better time to be investing in these sectors.”
Since its first fund launched in 2016, Lewis & Clark has invested in 15 companies, and has exited one. Currently, another of its companies is currently going public via a $2 billion SPAC merger.
Together, the AgriFood Fund II and the RBIC Fund II have already invested in eight companies developing the most cutting-edge solutions across a range of applications. These include:
BlueNalu – In January of this year San Diego-based BlueNalu raised the largest funding round to-date in the global cellular seafood space when it closed on a $60 million Series A.
Recognizing the range of challenges being faced by the wild catch seafood industry, including fraud, overfishing, environmental impact, pollution, illegal labor issues, and heavy metal toxicity, the founding team brought together expertise in cell biology, IP, food tech, tissue engineering, commercialization, and marketing to sustainably create cell-cultured finned fish, crustaceans, and mollusks in a laboratory setting.
Brightseed – In September 2020, Lewis & Clark AgriFood led a $27 million round of growth capital funding for Brightseed – an AI-driven biosciences company that developed Forager™, the first and only AI technology for phytonutrient discovery in the world.
Bushel – Lewis & Clark AgriFood led a $47 million round in April of this year for Bushel – an independently owned software and software technology solutions provider to grain growers, buyers, protein producers, and food companies.
Stony Creek Colors – In March of this year Lewis & Clark AgriFood led a $9 million round for Stony Creek – a company working to reverse the trend of synthetic petroleum-based blue dye being used in the production of jeans by developing proprietary systems to transform the dye supply chain along with a full agricultural value chain for plant-based indigo.
Tortuga AgTech – In April of this year Lewis & Clark AgriFood also led a $20 million Series A for Tortuga AgTech, an ag robotics startups that was singled out in 2019 by Philippe de Lapérouse and Mark Zavodnyik of HighQuest Consulting as a robotics company to watch.
And Bin Sentry – In September 2020 Lewis & Clark AgriFood led a $7.7 million round for this Canadian sensor tech company that is raising efficiency for feed mills, livestock producers, and farmers through remote feed bin monitoring.
“Our sweet spot is working with tech-centric, sustainable companies that enable the agricultural industry to keep up with changing consumer demands,” said Tom Hillman, founding partner, Lewis & Clark AgriFood. “We are well positioned by having subject matter experts and several strategic industry experts as investors, as their knowledge and access to distribution helps accelerate the growth of our companies.”
– Lynda Kiernan-Stone 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.