Bayer CropScience, the agribusiness subsidiary of Germany-based chemical and pharmaceutical company Bayer, has made in an investment in a $150m agriculture technology fund raised by venture capital firm Finistere Ventures.
Bayer is a founding partner in Finistere Ventures’ FVII Fund alongside investment firm Avac’s agriculture technology unit Verdex Capital, which will manage the funds Canada-focused activities with Finistere.
An unnamed global strategic partner has also committed capital to the fund, which has reached its first close.
FVII Fund will invest in early to growth-stage agricultural technology businesses and will largely focus on, but will not be exclusive to, companies in North America. Outside of the continent, Finistere has established partnerships in Australia, New Zealand and Israel.
Arama Kukutai, co-founder and partner at Finistere, said: “The ever increasing demand for food, fibre and materials, coupled with decreasing agricultural land resources, the impact of climate change, and changing population demographics are among the key factors driving the need for new technology solutions in food productivity, sustainability and nutrition.”