PeakBridge, the agrifood-tech venture capital fund manager investing globally, and EIT Food, an agrifood Innovation Ecosystem supported by the EIT, have announced the launch of PeakBridge FoodSparks SCSp, a new seed fund for European agrifood-tech start-ups.
The FoodSparks fund will invest in pan-European seed and early-stage start-ups to offer access to strategic capital and support with scaling up, thereby working towards innovative solutions to some of the world’s most pressing problems in food production, supply, and sustainability.
The fund will offer up to EUR 30 million of investment over a span of up to four years, with an aim to invest in approximately ten start-ups per year. The companies to receive investment will all be domiciled in Europe/EFTA and Israel, have protectable and scalable technology, and align with EIT Food’s mission of making the food system more sustainable, healthy, and trusted.
In addition to capital, the start-ups and entrepreneurs included in the fund will be given access to advise and mentoring from the wider EIT Food community, allowing them to benefit from decades of food experience and knowledge.
"Funding the next generation of agrifood innovations is one of the most important steps we can take in ensuring a sustainable future for the global food system. That is why we are so excited to announce the launch of the FoodSparks® fund. By working with PeakBridge and its venture capital resources, we can offer entrepreneurs and start-ups across Europe the chance to realize their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste," says Andy Zynga, CEO of EIT Food.