AgFunder VC, a US-based agrifood tech investor, has raised $102 million for its latest early-stage fund, surpassing its $100 million target.
AgFunder Fund IV secured commitments from global investors including family offices—GeoBlue AG and Nest—and institutions including Japan’s agricultural bank Norichukin Bank and Alexandria Real Estate.
According to a report by AgFunderNews, the latest investment vehicle is already over a third deployed with investments in a global mix of startups.
The fund’s portfolio so far includes self-driving platform Atinary, nanotechnology firm Nium, jitter-free coffee brand Rarebird, ketones-based natural energy drink Key, and aquaculture tech and marketplace platform Aquaconnect.
On its website, AgFunder said Fund IV focuses on seed and Series A foodtech and agritech companies that have the potential to become the next generation of iconic companies in the sector.
AgFunder, founded in 2013 and based in Silicon Valley, is one of the world’s most active foodtech and agritech venture capital investors.
In Southeast Asia, AgFunder’s portfolio includes shrimp farming platform Tepbac, Indonesian agritech firm Eratani, Singapore-based lab-grown meats company Meatiply, and foodtech startup Ai Palette, among others.
In 2022, AgFunder Asia and Japanese investment firm SDG Impact Japan launched its joint vehicle AgFunder SIJ Impact Fund. AgFunder Asia, which is based in Singapore, also runs the GROW accelerator in the city-state that supports food tech companies.
DealStreetAsia earlier reported that private funding for foodtech startups in Southeast Asia dropped to an at least four-year low of $21.6 million in 2023 as investors lost their appetite for the sector.
The 83% year-on-year decline in foodtech investments surpassed the 51% decline in total funding for the regional startup ecosystem last year, according to DealStreetAsia DATA VANTAGE’s State of Foodtech in SE Asia 2024.