Australian tech billionaire Mike Cannon-Brookes will partner with the Clean Energy Finance Corporation (CEFC) to make a cornerstone investment in a new venture capital fund focused on improving the sustainability of Australia’s agricultural sector.
The investment fund of Mike and Annie Cannon-Brookes, Grok Ventures, has partnered with the CEFC to make an $8 million cornerstone investment into the Tenacious Ventures fund, Australia’s first venture capital firm dedicated to sustainable innovations in the agrifood sector.
Tenacious Ventures will seek opportunities to invest in up to 20 early-stage tech start-ups in the agricultural and food supply chains and will manage a total of $30 million in funds to serve as venture capital for agricultural businesses that can reduce their emissions and increase climate resilience.
The CEFC has previously supported food producers to reduce the emissions footprint of their operations and to support agricultural businesses to incorporate renewable energy technologies into their operations. This included an investment in the $200 million Sundrop farms project, which integrated solar thermal technologies to supply heat and energy to greenhouses in Port Augusta, for the efficient production of tomato crops.