By Gerelyn Terzo, Global AgInvesting Media
St. Louis, Missouri-based private equity firm Lewis & Clark AgriFood, which specializes in growth-stage financing for food and agriculture businesses, is raising capital for it latest agri-food fund. According to a filing with the U.S. SEC, Lewis & Clark has registered the AgriFood Fund III, signaling persistent demand for investment opportunities in the agriculture and food-technology sectors.
As GAI News previously reported, Lewis & Clark’s AgriFood Fund II was oversubscribed at over $169 million in 2021. At that time, Dave Taiclet, general partner and managing director of Lewis & Clark AgriFood, stated, “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. 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.”
While the firm is keeping details surrounding the new equity fund’s target size and investment strategy close to the vest, the filing marks an early step in bringing this new investment vehicle to market. Managing almost $400 million in assets through its growth equity and RBIC fund families, Lewis & Clark AgriFood strategically invests in growth-stage companies leveraging technology to innovate and reshape the food, agriculture and sustainable materials value chains.
According to the SEC filing, made on May 14, Lewis & Clark has engaged Boca Raton, Florida-based MMX Global Partners to lend support while marketing the fund across the following U.S. states: Arizona, Connecticut, Florida, Georgia, Massachusetts, Minnesota, Missouri, New York, Oregon Texas and Utah. In 2024, Lewis & Clark AgriFood attracted $70.4 million to its coffers across eight investors for its Rural Business Investment Co (RBIC) Fund II. That fund was said to have a total offering amount of $150 million.
Given Lewis & Clark’s established presence in the agri-food sector, this new fund is likely designed to capitalize on emerging opportunities and further support innovation in food production, agricultural technology and related businesses.
Among the companies Lewis & Clark AgriFood has backed include Silicon Valley artificial tech startup Brightseed, North Dakota-based ag software firm Bushel, and Springfield, Tennessee-domiciled Stony Creek Colors, which produces natural indigo. Earlier this year, Lewis & Clark participated in a $20 million round into greenhouse tech company IUNU, a round that extended to S2G Investments and Farm Credit Canada. IUNU is behind an AI and computer vision-powered platform called LUNA for real-time crop forecasting.
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