US-based agriculture-focused investment and media platform AgFunder closed its New Carnivore fund at $21m yesterday, with commitments from food processor Archer Daniels Midland (ADM) and real estate investment trust Alexandria Real Estate Equities.
ADM and Alexandria Real Estate Equities committed capital to the vehicle through investment subsidiaries ADM Ventures and Alexandria Venture Investments, respectively. A number of unnamed corporate, institutional and high-net-worth investors also backed the fund.
The oversubscribed New Carnivore fund is investing in companies developing alternative protein products such as plant-based meat, dairy and materials.
The vehicle has completed seven investments so far, including plant-based cheese provider Nobell Foods and mushroom-based meat substitute developer Fable Food. AgFunder is aiming to make 20 investments through the vehicle in total.
Ian Pinner, chief strategy and innovation officer of ADM said: “Investing in this particular fund allows us to collaborate with new players in the industry and leverage our deep expertise in fermentation to accelerate the commercialisation of new technologies and solutions that can become game-changers in this important market.”