Global foodtech investor Big Idea Ventures (BIV) has made the first close of its alternative protein fund New Protein Fund II.
AAK, a multi-oil ingredient house specialising in plant-based vegetable oils and fats, and Bühler, a solution partner for the food processing industry, have joined other investors for the initial funding round. Both companies also invested in BIV’s first fund NPF I.
New Protein Fund II will invest in early-stage startups around the world both through its accelerator programme and direct investments. BIV runs an intensive five-month programme of its Paris, Singapore, and New York offices.
NPF II aims to close the targeted US$75 million within the next 12 months.
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With this latest close, BIV now has over US$100 million assets under management.
“With NPF I, we found and worked with companies we believe will become leaders in the alternative protein category. New Protein Fund II enables us to bring even more innovators with fantastic innovations and teams in our portfolio. Through NPF II, we envision working with the leading innovators with ground breaking technologies across alternative meat, seafood, dairy and ingredients,” said BIV Founder Andrew D. Ive.
BIV aims to invest in the best food technology and agritech companies globally. Backed by AAK, Avril, Bühler, Givaudan, Temasek, and Tyson Ventures, it partners with governments around the world working on food security and new food ecosystems.
Big Idea Ventures is expanding its investment portfolio by including companies that focus on alternative ingredients and impactful food. It also will maintain its current investment thesis in alternative protein innovators by investing in the best plant-based, cell-based and fermentation-enabled alternative protein companies around the world.
The firm has offices in New York, Paris and Singapore and has invested in more than 100 companies across 25 countries.
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