Agricultural trading group ContiGroup Companies and financial services firm Rabobank have both contributed to a $100m fund set up by US-based venture capital firm Boulder Food Group (BFG), Forbes has reported.
The fund sourced capital from 50 limited partners including Arlon Group, a private investment group that invests on behalf of ContiGroup. Rabobank has not confirmed whether it invested through Rabo Food & Agri Innovation Fund, the VC fund it established in 2017.
Founded in 2014, BFG backs early-stage food and beverage consumer product companies. BFG Fund II has already completed its first deal by investing an amount less than $1m in Olipop, a producer of tonic drinks that boost digestive health.
The new vehicle is twice the size of BFG’s $50m first fund and will be manged by the firm’s founder, Tom Spier.
Speir said: “Fund II will give us the opportunity to invest deeper in a set of brands while staying focused on innovative early-stage food and beverage companies.
“We are exploring investments in a variety of categories with compelling value propositions for today’s changing consumer landscape.”
The firm’s previous exits include organic coffee supplier Chameleon Cold Brew, which was sold to food and beverage conglomerate Nestlé in 2017, and Evol, a frozen convenience food producer purchased by food conglomerate Boulder Brands in 2013.
BFG’s portfolio currently includes food e-commerce-focused consulting agency Cartograph, plant-based superfood bar supplier Ohi, cauliflower-based food producer Caulipower, nut milk manufacturer Malk Organics and banana-based snack provider Barnana.