FoodSparks is a €30 million seed fund that will invest in early-stage agrifoodtech companies in Europe, EFTA countries and Israel
Venture capital firm PeakBridge and EIT Food have launched FoodSparks, a new €30 million seed fund for agrifoodtech start-ups.
The fund will deploy investment over a span of up to four years, with an aim to invest in approximately 10 start-ups each year. The companies to receive investment will all be based in Europe, including member states of the European Free Trade Association, and Israel.
The investment thesis is based on supporting start-ups that have protectable and scalable technology and align with EIT Food’s mission of making the food system more sustainable, healthy and trusted.
Andy Zynga, chief executive of EIT Food, said: “Funding the next generation of agrifood innovations is one of the most important steps we can take in ensuring a sustainable future for the global food system. That is why we are so excited to announce the launch of the FoodSparks fund.”
Zynga noted that by working with PeakBridge and its venture capital resources, the fund can offer entrepreneurs and start-ups across Europe the chance to realise their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste.
FoodSparks is managed by PeakBridge, headed up by managing partner Yoni Glickman, working closely with its investors, including Ordway Selections, CPT Capital, Givaudan, Puratos, and Gullspång Re:food. This network of venture capital investors will offer portfolio companies a wide range of potential co-investment and follow-on investment opportunities.
Erich Sieber, managing partner of PeakBridge, said: “In addition to privileged access to deal-flow, due diligence and business development, the collaboration between EIT Food and FoodSparks by PeakBridge will offer our portfolio companies direct access to the EIT Food network thus creating significant additional value in addition to our investment.”
In addition to capital, the start-ups and entrepreneurs supported by the fund will be given access to advise and mentoring from the wider EIT Food community.
Date published: 12 April 2021