Exclusive: Unovis expands with initial close of second fund
The alternative protein investor has secured €50 million for the Unovis New Crop Alternative Protein Fund II
Unovis Asset Management, a global boutique investment firm focused on the alternative protein space, is launching a second fund with an initial close of €50 million. Unovis’ second fund, New Crop Alternative Protein II (NCAP II), will be based in The Netherlands and Unovis seeks to raise €100 million in total.
The venture capital firm currently manages New Crop Capital, a fund launched in 2015 that has grown to $123 million assets under management (AUM).
The NCAP I fund currently has 42 portfolio companies, including plant-based seafood brand Good Catch, novel protein producer The Protein Brewery, plant-based egg company Zero Egg, mycelium-based protein Atlast Food Co., and cell-based protein producers BlueNalu, Mosa Meat, and Aleph Farms, to name but a few.
Unovis NCAP II enters the market with a similar approach to the NCAP I, initially making early-stage ‘hands-on’ investments in animal-free protein alternatives opportunities.
NutritionInvestor understands that Unovis will continue to look at the entire value chain with an emphasis on upstream manufacturing and ingredient innovations, as well as downstream branded products aimed at further broadening the current category focus.
As well as investing in new alternative protein businesses, Unovis NCAP II seeks to accelerate the growth of the existing portfolio companies. The investment thesis will allow Unovis to select a few of the more promising companies in its portfolio and go deeper, investing successive growth rounds and further leveraging its extensive strategic network to achieve advantageous outcomes.
Unovis: Laser-focused on alternative protein
Unovis operates from offices in San Francisco, New York, and Amsterdam. Its team views conventional animal agriculture as an antiquated and inefficient food production system with serious ESG vulnerabilities that make it ripe for large-scale disruption and innovation.
The firm’s investment thesis stems from a mission to transform the global food system by investing in solutions that facilitate sustained behavioural change and reduce dependence on animal protein products.
The launch of NCAP II is likely to see Unovis expand its role of early-stage investor. While the average cheque size of NCAP I was around $250,000, Unovis foresees the new fund will participate in rounds with a €2 million cheque on average.