China-based agriculture and food-focused venture capital firm Bits x Bites has closed its second fund at $100m with backing from corporates Esco Lifesciences, Syngenta, Adisseo and Wilbur Ellis, DealStreetAsia reported on Tuesday.
Life sciences tool producer Esco Lifesciences, animal feed producer Adisseo and agribusinesses Syngenta and Wilbur Ellis were joined by fellow limited partner Temasek, with Wilbur Ellis participating through corporate venturing unit Cavallo Ventures.
The vehicle initially had a $70m target and reached a $30m first close in November 2020. Bits x Bites focuses on the food supply chain, crop and animal health, nutrition, protein alternatives and precision agriculture, primarily investing at pre-series A to series B stage.
The fund has deployed capital into seven companies including plant-based protein developer Next Gen, herbicide providers MoA and Enko Chem, nutrient biomanufacturer Mojia Bio and agriculture-focused drone provider EAVision.
