US-based hybrid venture capital firm Big Idea Ventures has raised 30% to 40% of a $100m fund, securing capital from limited partners including meat producer Tyson Foods, DealStreetAsia reported yesterday.
The firm’s LPs also include Singaporean state-owned investment firm Temasek and Enterprise Singapore, which is overseen by Singapore’s Ministry of Trade and Industry, according to founder and managing general partner Andrew Ive.
Founded in January this year, Big Idea is raising money for a vehicle known as New Protein Fund which will invest in companies developing plant-based food technologies and alternative protein products.
In addition to making VC investments, Big Idea is operating two accelerators, in New York and Singapore, which will each provide $125,000 in funding for each of five participants, twice per year, in return for equity stakes sized at up to 8%.
The firm will also consider making investments – up to $3.5m for participants in BIV: New York, and between $750,000 and $5m for BIV: Singapore companies according to DealStreetAsia – once startups have graduated from the scheme.
Ive was formerly a partner at VC firm/accelerator hybrid SOSV for three years up to late 2018, running its food technology-focused Food-X accelerator as managing director. He told DealStreetAsia: “We are looking for businesses that will be significant on the world stage.
“The reason we are focusing on North America and Singapore is because we want to build the value chain from initial innovation all the way through to the consumer, so that when we find a great business, we can introduce their product to market more efficiently.”
Tyson Foods already runs its own corporate venturing unit, Tyson Ventures, which has a five-strong portfolio including Beyond Meat, the vegetarian meat substitute developer that has filed for a $100m initial public offering.
