Milltrust Ventures, the venture arm of the UK-Singapore-based investment corporation, Milltrust International and food tech venture firm, Earth First Food Ventures (EFFV) have partnered to launch a new fund.
The fund, dubbed the Smart Protein Fund, will invest primarily in the sustainable food industry, backing leading alternative protein companies developing plant-based proteins, cultivated meats and fermentation technologies. The Smart Protein fund builds upon Millitrust Ventures’ first seed capital investment into the UK-based cultivated meat research company, Roslin Technologies.
Simon Hopkins, the chief executive officer of Milltrust International Group told Global Newswire, “Timing is everything and investments in this growing industry are being repriced as commercial viability becomes a reality. Its continued acceleration, moving from R&D to growth at scale, will allow us to produce healthier, lower impact proteins in line with accelerating demand.”
The fund is aiming to disrupt the food industry by channeling capital towards smart protein startups, which claim to have a lower carbon footprint than traditional food production methods.
Founded in 2010, Milltrust Ventures invests in early-stage startups focusing on commercial global impact initiatives. The firm has participated in several investments including the Singapore-based oncological trials locator, Oncoshot, which has raised $2.4m in total funding, and the UK-based medical device AI systems generator, 52 North Health, which raised $1.2m in a seed funding round in 2022.