France-based venture capital firm Five Seasons Ventures has raised more than €60m ($73.9m) from investors including food supplier Nestlé for the first close of its first fund.
The fund’s limited partners include state-owned investment bank BPIfrance and the Italian government-created vehicle Fondo Italiano d’Investimento. Five Seasons will also have support from InnovFin Equity and Horizon 2020, both initiatives managed by the EU-owned European Investment Fund.
The vehicle will target early-stage developers of technology covering food-related areas such as waste, nutrition, supply, agricultural yields and alternative proteins. It will invest across Europe but is particularly interested in companies based in Italy and France.
Ivan Farneti, a co-founder of Five Seasons Ventures, said: “In 2018, the opportunity for venture investing in food tech reminds me of where software and the internet were back in 1997, when a huge wave of innovation was not yet met by an adequate supply of capital.
“This is the time to invest in this sector bringing together institutional capital and the venture investor mindset.”
Although headquartered in Paris, Five Seasons has also set up offices in Bolgona, Italy, and London, in the UK. It is yet to announce any investments in portfolio companies.