The51 Food and AgTech Fund, a Canadian and women-led firm that invests in food-related climate, farming and environmental challenges, has held a first close on its first fund of $30 million. It is targeting $50 million overall.
- Farm Credit Canada was the lead investor, as announced last year.
- $5 million of the new financing came from Alberta Enterprise Corporation, a body created by the government of Alberta to strengthen Alberta’s venture capital industry.
- Other investors who participated in the deal include the National Bank of Canada along with other family offices and ag investors.
- The firm says this fund, which will invest at the seed stage, will help get new innovations to Canadian producers.
Why it matters
Canada is claimed to be the world’s fifth largest exporter of agricultural produce and seafood.
Still there could be room for productivity and innovation; currently the country is limited by short growing seasons but stands to benefit from climate change increasing the growing season as summers get warmer and longer in the Northern Hemisphere.
The51 Food and AgTech Fund believes that in the wake of supply chain disruptions caused by global events, investment into agtech could boost productivity and mitigate climate change effects on agriculture.
Together with advancing agrifoodtech investment, the firm operates as a network of women investors and calls itself a ‘Financial Feminist Platform’ which seeks to enhance access to capital for women.
Source link
Author Lucy Ngige
