Canada-based District Ventures Capital closed its first venture capital fund at C$100m ($70.8m) yesterday with $24.8m from agriculture-focused credit provider Farm Credit Canada (FCC).
District Ventures Capital is targeting investments in food, beverage and wellness technology developers. It has a 27-strong portfolio including coconut-based ice cream brand NadaMoo and coffee chain Balzac’s Coffee Roasters.
The vehicle’s limited partners also include BDC Capital, a subsidiary of the state-owned Business Development Bank of Canada.
Rebbecca Clarke, vice-president and treasurer of FCC, said: “FCC is proud to support District Ventures, which is playing an important role in ensuring access to capital and other support services for companies that are innovating and expanding Canada’s food industry.
“FCC has supported the agriculture and food industry for 60 years, and District Ventures is an important and exciting opportunity for the food sector.”
