Successful alternative protein fund first close announced for New Protein Fund II by Big Idea Ventures
Food-tech investor, Big Idea Ventures (BIV), has announced that, based on the performance of its New Protein Fund I (NPF I), it has made a first close for its New Protein Fund II (NPF II). The fund made its first close in May and aims to achieve the targeted US$75 million within the next 12 months.
AAK, a multi-oil ingredient house specialized 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.
The active food-tech investor 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.
“With NPF I, we found and worked with companies we believe will become leaders in the alternative protein category," said Andrew D. Ive, Founder. "NPF II enables us to bring even more innovators with fantastic innovations and teams in our portfolio. Our mission is to solve the world’s biggest challenges by supporting the world’s best entrepreneurs, scientists and engineers.”
Big Idea Ventures was the first global fund dedicated toward the development and expansion of alternative protein companies and within a few years, quickly became the most active investor in the food-tech category. Numerous noteworthy businesses can be found in NPF's portfolio, such as French startup, Gourmey (pictured), which secured an impressive €48 million (US$51.4 million) in Series A funding, constituting the largest round ever closed in the world last year. Another great example is Black Sheep Foods, which attained US$12.3 million in Series A funding.
NPF II will invest in early-stage startups around the world both through its accelerator program and direct investments. The Big Idea Ventures accelerator program is an intensive five-month program run out of the firm’s Paris, Singapore, and New York offices. The program assists companies in overcoming obstacles to effectively scaling a startup. This is accomplished by providing assistance from internal and external experts, corporate investors, and a broad network of mentors.
"It has truly been a pleasure to provide support to our diverse range of portfolio companies," added Ive. "From tantalizing plant-based meat to sustainable cultivated oysters, as well as innovative seaweed and mycelium-based products, our team has been privileged to witness the growth and development of these exceptional product lines. Currently we are focused on enabling technologies for the industry. We foresee that through NPF II, we will be able to accelerate the industry further with investments in technologies such as molecular farming, precision-fermentation, AI-enabled softwares & hardwares, and more."
With this latest close, Big Idea Ventures now has more than US$100 million assets under management.
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