The new Foodtech fund based in the Basque Country will invest in technology companies in the agri-food sector

Euskaraz irakurri: EAEn egoitza duen Foodtech funts berriak nekazaritzako elikagaien sektoreko konpainietan inbertituko du

Cardumen Capital and the Basque Culinary Center have launched the first ‘foodtech’ investment fund based in the Basque Country that will invest in technology companies in the agri-food sector.

The fund will be led by Shoal Capitalmanager of European-Israel Venture Capital, and will have Basque Culinary Center as a knowledge ‘partner’. In addition, it has the participation of the Department of Economic Development, Sustainability and Environment of the Basque Government, in its comprehensive strategy ‘The Food Global Ecosystem’ and of the Provincial Council of Gipuzkoa.

The fund was presented this Monday in San Sebastián at a press conference attended by, among others, the general director of the Basque Culinary Center, Joxe Mari Aizega, and the vice-minister for Agriculture, Fisheries and Food Policy, Bittor Oroz .

This new fund is categorized as sustainable fund under article 9 of the SFDR and will invest in the “most promising” technology companies in the agri-food sector, and specifically, in technologies that fight against climate change and food securitya.

Thus, they have pointed out that the fund will invest in around 15 companies with “leading technologies and commercial traction” in areas such as precision agriculture, alternative proteins or circular economy.

The Foodtech Fund plans to carry out a first closing around March 2023, when a size of 20 million euros is reached, although the final objective of the fund is more ambitious, between 40 and 50 million euros.