Nestlé Backs New European AgriFood Tech VC Fund

From AgFunder:

Five Seasons Ventures, a new European VC focusing on agrifood tech investments has launched its first fund, announcing a first close on €60 million ($74.3m). Backers include Nestlé, the European Investment Fund, Fondo Italiano d’Investimento, Bpifrance, and selected family offices and entrepreneurs. 

“Food and agtech is a new story and an exciting one. There are not many LPs who have heard of a fund focused on food and agtech,” said cofounder Niccolo Manzoni, who told AgFunderNews that the firm is targetting €70 million ($86.6m) for a final close after receiving more enthusiasm than expected from investors, causing the firm to raise their target from €50 million. 

The cofounders of the firm, which is based in Paris,  are Ivan Farneti and Manzoni. Farneti was founding partner of Doughty Hanson Technology Ventures and a board member of Seedcamp. Manzoni previously managed a European family office where he invested in  Impossible Foods, Perfect Day Foods, Beyond Meat, Clear Labs, and Memphis Meats. The two were introduced by a common acquaintance who would become one of their first investors. 

The firm is taking a wide view of agrifood tech, focusing on every inch of the supply chain from startups aiming to satisfy shifting consumer preferences like plant-based proteins and personalized nutrition, to supply chain traceability and packaging technologies, to increasing yield on farms and reducing waste....MUCH MORE