Lever VC, a new global alternative protein venture capital fund based out of Hong Kong, has announced the first close of its first fund.
As per an official statement, the Fund I has U$23 million in commitments so far.
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The firm claims to have attracted “strong support” with around 70 per cent of capital commitments from Hong Kong and Asian family offices and conglomerates with diversified interests, including consumer products and the food industry hoping to gain exposure to the high-growth alternative protein sector.
Lever VC was founded by Managing Partner Nick Cooney and Partner Lawrence Chu, who have been investing in the alternative protein sector since 2015. They were also investors in Beyond Meat, Impossible Foods, Memphis Meats, JUST, Aleph Farms, and Kite Hill.
It invests in early-stage plant-based and cell-cultivated meat and dairy companies. The firm has already backed ten startups, including Singapore-based TurtleTree Labs, which develops cow’s milk and human breast milk from cell cultivation; and Hong Kong-based Avant, a cell-cultivated meat company in the greater China region.
The company further added it will continue to identify investment opportunities in early-stage alternative protein companies, carefully evaluating around 1,200 plant-based and cultivated meat and dairy protein companies that the firm tracks globally.
Alternative protein, which generally refers to plant-based and food-technology alternatives to animal protein, is one of the most popular investment trends in recent years.
Barclays, UBS, and JP Morgan project the sector to grow by 31 per cent year over year, becoming a US$85-$140 billion market over the next ten to fifteen years.
According to Lever VC, the alternative protein industry is on track to transform the food industry, thanks to macro trends toward greater awareness of health concerns, food safety and sustainability.
“The alternative protein market is continuing to grow quickly, and with our deep experience and proven record of returns in the sector, as well as the preeminent deal flow across Asia, North America, Europe and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein and the broader impact investing market,” said Chu.
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Image Credit: Lever VC
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