Netherlands-based financial services firm Rabobank provided an additional €80m ($90m) of funding for its strategic investment subsidiary, Rabo Frontier Ventures, on Friday.
The fund now has roughly $170m under management and will use the added capital to expand its geographic focus, seeking opportunities in additional international locations such as San Francisco, in the US, Singapore and Tel Aviv, in Israel.
Rabo Frontier Ventures was launched in January 2018 and invests in financial and agricultural technology developers, concentrating on four core themes: reducing personal debt, platform banking, emerging technologies and applying data to the food industry.
The unit has made more than 10 investments to date, having most recently contributed to a $14m series B round for US-based agricultural finance and technology provider ProducePay in October 2018.
The ProducePay deal was led by venture capital firm Anterra Capital, which itself was the result of Rabobank spinning out its corporate venturing division, Rabo Ventures, in 2013.
Harrie Vollaard, managing partner of Rabo Frontier Ventures, said: “We see that innovation is definitely accelerating in cities known for their innovative mindset. We can add value in these innovation hotspots with the assets of the Rabobank.
“As the strategic investment fund of Rabobank – one of the largest food and agri banks globally – we have the opportunity to leverage our position and to connect entrepreneurs to markets anywhere. A decisive element for companies with the ambition to grow.”
