Malta-based agritech VC fund manager PeakBridge and EIT Food have launched a new €30 million seed fund. Dubbed FoodSparks, the fund will invest in pan-European seed and early-stage startups focused on addressing food production, supply, and sustainability.
The fund is slated to provide up to €30 million over the course of four years, with the aim of investing in ten startups per year, or, on average €750,000 per startup, if distributed equally.
“In addition to privileged access to deal-flow, due diligence, and business development, the collaboration between EIT Food and FoodSparks by PeakBridge will offer our portfolio companies direct access to the EIT Food network thus creating significant additional value in addition to our investment,” comments PeakBridge managing partner Erich Sieber.
Those that qualify must be based in Europe/EFTA and/or Israel, have unique and scaleable IP and fall in line with EIT Food’s goals of making the food system sustainable, healthy and trustworthy.
“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,” adds EIT Food CEO Andy Zynga. “By working with PeakBridge and its venture capital resources, we can offer entrepreneurs and start-ups across Europe the chance to realise their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste.”
