European VC recently invested in high-growth German foodtech start-up Air Up
Portrait photo of Niccolo Manzoni

Niccolò Manzoni is a co-founding partner of Five Seasons Ventures

VC Five Seasons Ventures (FSV) has announced the launch of its €180 million (£153 million) second fund, as it eyes additional foodtech investment in European start-ups raising Series A and B capital.

FSV raised €77 million (£65.5 million) in its Fund I, which it re-invested in high-growth portfolio companies like UK alt-protein food brand This and German foodtech company Air Up, which uses scented pods on a water bottle to create the illusion of flavoured water.

According to Dealroom, the VC participated in deals totaling €169 million (£143.8 million) in the last year. It’s two largest investment in 2021 was £40 million to fund dog food meal-delivery service Butternut Box’s Series D.

FSV has said its portfolio companies are on track to record a combined revenue of €350 million (£297.8 million) in 2021, with Air Up having hit a €100 million (£85 million) revenue in less than 24 months since its launch.

FSV co-founding partner Ivan Farneti said: “There’s no doubt that foodtech is experiencing a boom in Europe right now. When we launched Five Seasons in 2018, we were the first VC to focus on foodtech in Europe and we believe we contributed to making this an attractive asset class.

“Fund II was quickly oversubscribed as more investors wanted to get exposed to European foodtech, seeking high growth and impact,” he said.

Niccolò Manzoni, co-founding partner of FSV, said: “Food and foodtech have the possibility to affect two of the most pressing issues of our time; climate change and human health.

“With this new fund, we continue to focus our attention on food companies that make healthier and cleaner products, that are manufactured and packaged more sustainably, with shorter supply chains and fewer emissions,” he added.

FMCG giant Nestle and the EU and European Commission-backed lender European Investment Fund are among FSV’s notable LPs.

Date published: 5 October 2021

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