The Western Growers trade group is launching a new $4 million venture capital fund designed to fund agricultural innovation around the world.  On Thursday, three Western Growers executives, including Thomas Nassif, president and chief executive; Matt McInerney, EVP; and Hank Giclas, SVP of science, technology and strategic planning, made the announcement for the fund and a new 5,000-square-foot office, to be called the Western Growers Center for Innovation and Technology.

 

Silicon Valley Venture Partners, a key player in the Steinbeck Innovation Cluster, and Western Growers, will manage the Salinas-based fund. Western Growers and its member investors, including Bruce Taylor of Taylor Farms, will provide the capital investment.

 

Western Growers intends to take an advisory role in the start-ups in which the fund invests, sharing the industry knowledge from its 2,000-member association.

 

“Our members will be mentoring [start-ups],” Nassif said. “You can have a great idea but if there’s no commercial market for it, it’s not going to happen.”

 

While the fund aims to influence the global agriculture it will almost certainly have significant impact on the Salinas Valley. The region, a significant producer of agricultural products in California, is well-positioned to attract investment from venture capital from nearby Silicon Valley and agribusiness in Monterey County, according to Aaron Magenheim, chief executive of Signature Ranch Technologies in Salinas and three other start-ups.