Lever VC, a global alternative protein venture capital fund based in Hong Kong, has announced the first close of its Fund II, securing an initial US$50 million.
Fund II will invest in early-stage companies within the global food and agritech sector.
This news comes with the announcement of the fund’s first five investments into innovative tech startups across North America, Europe, and Asia. The fund remains open to new investors until its final closing later in the year.
Building on the success of its US$80 million Fund I, Lever VC’s Fund II has attracted a diverse group of limited partners (LPs), including institutional investors, funds of funds, family offices, and leading food and agriculture companies from five continents.
Also Read: Lever VC makes first close of its Fund 1 at US$23M; targets final close at US$50M
Lever VC was founded by Nick Cooney and Lawrence Chu (Partner), 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.
Lever invests in early-stage plant-based and cell-cultivated meat and dairy companies. Its average ticket size for initial investments in portfolio companies is around US$500,000.
The firm is an investor in Singapore-based TurtleTree Labs and Hong Kong-based Avant.
“With their massive category sizes, compelling CAGR, and consistently strong exit environments, food and agritech represent areas of significant opportunity for those with the right expertise,” stated Cooney. “We look forward to working to continue driving outsized returns for our investors, as well as to bringing direct deals, insights, and business development opportunities to LPs with strategic goals in the sector.”
The Fund II has already made its first five investments, supporting companies like novel fats producer Gavan, novel sugar replacement developer Oobli, agritech software/digitisation players Flox AI and HerdDogg, and meat replacement ingredient producer Mush Foods.
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