Lever VC Announce $50m Agrifoodtech Fund II First Close

Lever VC has announced a first close of $50 million for its Fund II, targeting early-stage investments in agrifoodtech startups. The fund, which is open for additional investors, has garnered backing from institutional investors, family offices, and leading food and agriculture companies globally. Initial investments include startups like Gavan Technologies, Oobli, Flox AI, HerdDogg, and Mush Foods, focusing on innovative solutions in fats production, sweet proteins, agtech software, and meat replacement ingredients. Despite current challenges in the VC funding environment, Lever VC's specialization and strong track record have been vital in attracting LPs. Nick Cooney, managing partner, discusses how the firm's investment strategy has evolved with a disciplined approach, focusing on sustainable food and agtech sectors, promising significant returns. Additionally, Cooney emphasizes potential growth in the alternative protein sector and the strategic interest of major food corporations in aligning with emerging technologies and sustainable practices.