Blue Horizon Ventures, a Zurich-based vegan-focused venture capital firm, has closed a 183 million-euro ($222 million) fund that will invest in startups in alternative proteins to smart packaging.
Michael Kleindl, the venture firm’s co-founder and managing partner, said the fund attracted more than 100 investors and exceeded the original target of 100 million euros.
There has been an increased awareness of the sustainability and loopholes in the global food system due to the pandemic, Kleindl told Bloomberg. “Covid has accelerated the shift of capital toward more impactful, more sustainable investments,” he said.
Investments have poured into alternatives to replace meat to create more environmentally friendly ways to supply food for a growing world population. According to Pitchbook, venture-capital investors pumped $181.1 billion into food tech startups in 2020, mostly into food delivery apps and online grocers.
Astanor Ventures, a Brussels-based venture capital firm founded by Eric Archambeau and George Coelho, closed a $325 million fund in November 2020 to invest in food, agriculture, and ocean technology.
About 90% of the staff at Blue Horizon Ventures are vegan or vegetarian. The firm has so far invested in startups such as plant-based meat producer The Livekindly Co., lab-cultivated meat maker Mosa Meat BV, and cultured breastmilk producer Biomilq.