Agrifood tech venture.
A comprehensive study of the firms financing the future of agriculture and agrifood technology across North America and Europe: who is raising capital, who is writing cheques, and when they will return to market.
This edition maps the venture funds investing in agriculture and agrifood technology across North America and Europe: 104 firms and 130 funds1, the institutions that back them, the portfolios they hold and the capital they are raising now. All data has been drawn from the public record to the best of our ability, and each figure carries its provenance: SOURCED where a public page states it, and GP-stated (media) where only the manager reports it. Where a figure is not sourced, as with a currency conversion or a simple projection, it is labelled MODELLED and its method is given, so the reader always knows how a number was reached. Where a source gives no currency, we say so.
In keeping with the terms under which commercial data is licensed, no proprietary database content appears in these pages. Information outside the public record, and any valuation of an individual company, has likewise been withheld.
Fifteen funds are profiled in detail, available on request, chosen by a single rule set out on page 202.
Summary.
What we found.
Capital on record is a floor
Thirty-eight dedicated funds have a size from a primary release or an SEC Form D filing, and together they hold at least US$3.5 billion1. North America accounts for 29 of them and at least US$2,697 million; Europe for 9 and at least US$841 million2. Another 22 have only a press figure, which is not counted, and 18 publish no size at all3. Pages 6, 10 and 11.
Treat every capital total in this report as a floor: a fund with no size, or with only a press figure, adds nothing to it.
Five managers hold more than half
The five largest managers by sourced dedicated capital hold US$1,989 million, 56.2 per cent of the dedicated total4: Valor Siren Ventures, Groundforce Capital (PowerPlant Partners), Synthesis Capital, Ospraie Management and Cultivian Sandbox Ventures. Valor Siren Ventures alone accounts for US$695 million across two funds5. Page 11.
An LP looking for a large dedicated manager has a short list to choose from.
Exits are mostly trade sales
Thirty-five portfolio companies have an exit on record, 33 of them with a public date8. Of 41 exit rows, 27 are acquisitions, 8 are IPOs or listings and 2 are listings by SPAC merger; 2 more are acquisitions agreed but not closed9. The busiest year is 2021, with 11 companies10. Page 7.
Liquidity on record has come mostly from trade buyers, so a manager’s ties to corporate acquirers matter more here than the listing window.
Public LPs are the common thread
The dataset names 76 distinct LPs11. Farm Credit Canada is named by five managers across six fund rows, the most of any LP; the European Investment Fund is also named by five12. Page 15.
A manager raising in this field should expect government and development money near the top of its LP list.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
Market context.
When the dedicated funds were raised, which portfolio companies have been sold or listed, and how the deal record runs year by year.
Fund formation, 2014–2026.
Each bar counts the dedicated funds on record by vintage year, split by the region the manager is based in1. Two dedicated funds have a vintage before 2014 and six have none; neither group is charted2.
Vintage years are those of the sources cited for each fund. The chart counts every dedicated fund with a vintage on record, whatever the source of its size, including those with only a press figure or no size. Only the dedicated band is charted; the other bands are counted on page 10.
| REGION | DEDICATED FUNDS | WITH A SOURCED SIZE | DISCLOSED, US$M |
|---|---|---|---|
| Europe | 27 | 9 | ≥841 |
| North America | 51 | 29 | ≥2,697 |
| Total | 78 | 38 | ≥3,5383 |
Disclosed capital is the sum of sizes from primary releases and SEC Form D filings at dataset exchange rates, with lower bounds counted at their floor; 22 dedicated funds with only a press figure and 18 with no size add nothing to it.
North America formed as many funds as Europe or more in every vintage year up to 2023, with six in 2019 alone. The busiest vintage is 2024, with ten funds, seven of them managed from Europe; Europe also leads in 2025, six funds to two, and the two regions are level at two each in 20264.
≥ Lower bound: a first, interim, approximate or “over” figure.
Notable exits.
Exits on record among companies held by the firms in the dataset, and the most recent dated exits, each sourced to a buyer, company or manager release or a press report.
Companies are counted once, at the earliest public exit date; the busiest year is shown in orange1. No company on record exited before 2015, and the two with no public exit date are left off and are not given a check date.
| COMPANY | HOLDER IN DATASET | TYPE | BUYER OR LISTING | DATE |
|---|---|---|---|---|
| Maple Hill Creamery | S2G Investments | acquired | Horizon Family Brands | Dec 20252 |
| farm-ng | Better Food Ventures | acquired | Bonsai Robotics | Jul 20253 |
| Trace Genomics | S2G Investments | acquired | Miraterra | Jul 20254 |
| Sentera | S2G Investments | acquired | John Deere | May 20255 |
| AI Palette | AgFunder | acquired | GlobalData Plc | Mar 20256 |
| Yooji | Capagro | acquired | Danone | 20257 |
| Good Eggs | S2G Investments | acquired | GrubMarket | Aug 20248 |
| Invetx | Anterra Capital | acquisition agreed, not closed | Dechra Pharmaceuticals | Jul 20249 |
| Wicked Kitchen | Unovis Asset Management | acquired | Ahimsa Companies | Jun 202410 |
| Humm Kombucha | Groundforce Capital (PowerPlant Partners) | acquired | SYSTM Foods (GroundForce majority-owned portfolio company) | Jan 202411 |
| Mercaris | S2G Investments | acquired | Argus Media | Jun 202312 |
| Corvium | Cultivian Sandbox Ventures | acquired | Neogen | Feb 202313 |
| Vive Organic | Groundforce Capital (PowerPlant Partners) | acquired | Suja Life | Oct 202214 |
| Vence | iSelect Fund | acquisition agreed, not closed | Merck Animal Health | Sep 202215 |
Dates are those of the release or report cited for each row; Yooji’s exit is dated to the year only, as its source gives it, and no exit is on record for 2026 so far. Holder is the firm the dataset links to the company, underlined where it has a profiled fund (see the detailed fund overviews, page 27); where a company has more than one holder on record, the table shows one. An acquisition agreed but not closed is shown as such.
Deals.
Dated deal rows per year for the firms in the dataset, from 2017 to 2026: one row per firm per round, split by the firm’s region1. Company Form D filings are not GP deals and are left out, and so are 25 dated rows from before 20172.
Recent rounds are better covered by the sources searched, so the counts describe that coverage; they are not a market total. The 2026 count runs to 31 October.
| YEAR | CVC | DEDICATED | GENERALIST | ALL BANDS |
|---|---|---|---|---|
| 2020 | 16 | 30 | 0 | 46 |
| 2021 | 10 | 57 | 0 | 67 |
| 2022 | 23 | 55 | 1 | 79 |
| 2023 | 12 | 65 | 1 | 78 |
| 2024 | 12 | 42 | 2 | 56 |
| 2025 | 4 | 30 | 0 | 34 |
| 2026 | 3 | 20 | 0 | 23 |
Darker cells, more rows; busiest year in bold4. All bands matches the chart above. Rows from growth equity managers and funds of funds do not appear in these years.
Dedicated managers account for most dated rows in every year shown, and corporate venture rows fall from 23 in 2022 to three in 20264. Because the sources searched cover recent rounds better, the lower counts since 2023 are consistent with fewer new cheques from these firms; 2026 is counted only to 31 October.
Fund overviews.
The field, the capital disclosed and the fifteen profiled funds at a glance.
The field.
Every fund on record, by band and by the region its manager is based in. Only the dedicated band enters the capital totals; the other bands are carried to map co-investors and limited partners.
| BAND | EUROPE | NORTH AMERICA | TOTAL |
|---|---|---|---|
| Dedicated | 27 | 51 | 78 |
| CVC | 10 | 10 | 20 |
| PE-growth | 3 | 14 | 17 |
| Generalist | 5 | 6 | 11 |
| Gov-FoF | 0 | 2 | 2 |
| Listed-evergreen | 1 | 0 | 1 |
| Other-excluded (duplicate or parallel or legacy) | 0 | 1 | 1 |
| Total | 46 | 84 | 1302 |
Dedicated: a venture fund that invests mainly in agriculture and agrifood tech; only this band enters the capital totals. CVC: a corporate venture fund. PE-growth: a growth or private equity fund. Generalist: a venture fund with a wider remit. Gov-FoF: a government fund of funds. Other-excluded: a duplicate, parallel or legacy row, kept out of every total. The rest map who invests beside the dedicated managers.
| BAND | ROWS | SIZED EXACT | EXACT, US$M | LOWER BOUNDS | LOWER BOUNDS, US$M | † INFERRED | PRESS ONLY, EXCLUDED |
|---|---|---|---|---|---|---|---|
| Dedicated | 78 | 31 | 2,905 | 7 | ≥633 | 7 | 22 |
| CVC | 20 | 1 | 150 | 2 | ≥1,391 | 1 | 3 |
| PE-growth | 17 | 9 | 3,394 | 2 | ≥314 | 4 | 4 |
| Generalist | 11 | 4 | 1,288 | 3 | ≥582 | 3 | 3 |
| Gov-FoF | 2 | 0 | 0 | 0 | ≥0 | 0 | 0 |
| Listed-evergreen | 1 | 0 | 0 | 0 | ≥0 | 0 | 0 |
| Other-excluded (duplicate or parallel or legacy) | 1 | 1 | 17 | 0 | ≥0 | 0 | 0 |
US$ amounts are sums of sizes from primary releases and SEC Form D filings at dataset exchange rates, with lower bounds at their stated floor3. Only the dedicated row enters the capital totals in this report.
| SOURCE TIER | FUNDS |
|---|---|
| Primary (GP, counsel, LP or sponsor release) | 33 |
| News | 32 |
| SEC Form D | 274 |
| CURRENCY BASIS | FUNDS |
|---|---|
| Stated in source | 39 |
| Inferred (US firm, US source) † | 26 |
| Stated (SEC Form D, USD by form) | 27 |
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
Disclosed capital.
Dedicated funds by disclosed size in US$ at dataset exchange rates, then the twenty largest on record from any source tier and any vintage.
Thirty-eight dedicated funds have a size from a primary release or an SEC Form D filing; the 22 with only a press figure and the 18 without a size are left off1. Lower bounds sit in the band of their stated floor. The median dedicated fund is US$57.25 million on the same basis2.
| # | FUND | MANAGER | SIZE AS STATED | US$M | SOURCE TIER | VINTAGE |
|---|---|---|---|---|---|---|
| 1 | Valor Siren Ventures II | Valor Siren Ventures | US$595M†4 | 595.03 | primary (fund counsel) | 2022 |
| 2 | Astanor Ventures II | Astanor Ventures | €360M5 | 389.3 | PRESS news | 2023 |
| 3 | PowerPlant Partners Fund III | Groundforce Capital (PowerPlant Partners) | US$330M†6 | 330.0 | primary | 2022 |
| 4 | Synthesis Capital Fund I | Synthesis Capital | ≥US$300M7 | ≥300.0 | primary (fund counsel) | 2022 |
| 5 | Ospraie Ag Science | Ospraie Management | US$238.739M8 | 238.7 | Form D | 2019 |
| 6 | Blue Horizon Ventures Fund I | Blue Horizon | €183M9 | 216.4 | PRESS news | 2021 |
| 7 | Five Seasons Ventures II | Five Seasons Ventures | €180M10 | 212.9 | PRESS news | 2021 |
| 8 | S2G Ventures Fund II | S2G Investments | US$180M†11 | 180.0 | PRESS news | 2017 |
| 9 | Unovis NCAP Fund II | Unovis Asset Management | €146M12 | 172.7 | primary | 2021 |
| 10 | PowerPlant Ventures II | Groundforce Capital (PowerPlant Partners) | US$165M†13 | 165.0 | primary (wire) | – |
| 11 | Capagro Agri-Food Innovation II | Capagro | €137M14 | 148.1 | primary (LP release) | 2023 |
| 12 | Acre Venture Partners III | Acre Venture Partners | US$140M†15 | 140.0 | PRESS news | 2022 |
| 13 | Cultivian Sandbox Ventures III | Cultivian Sandbox Ventures | US$135M†16 | 135.0 | primary | 2018 |
| 14 | Siddhi Capital Fund II | Siddhi Capital | US$135M†17 | 135.0 | PRESS news | 2024 |
| 15 | Cibus Enterprise Fund II | Cibus Capital | ≥US$135M18 | ≥135.0 | PRESS news | 2024 |
| 16 | Acre Venture Partners Fund I | Acre Venture Partners | US$125M19 | 125.0 | Form D | 2016 |
| 17 | FoodLabs Fund III | FoodLabs | ≥€105M20 | ≥113.7 | primary (fund counsel) | 2024 |
| 18 | Oyster Bay Fund II | Oyster Bay | ≥€100M21 | ≥113.0 | PRESS news | 2025 |
| 19 | AgFunder Fund IV | AgFunder | US$102M†22 | 102.0 | PRESS news (GP-affiliated publisher) | 2022 |
| 20 | Blue Revolution Fund | Hatch Blue | €93M23 | 100.6 | primary | 2023 |
Sizes are as each source states them; the US$ column converts euro sizes at ECB annual averages for the vintage year. Sizes marked PRESS come only from a press report and are left out of every total. Profiled funds are in black and link to the detailed fund overviews, page 27; the others are in grey. A dash marks no vintage on record; source tiers are defined on page 20.
Three dedicated funds with a sourced size reach US$300 million: Valor Siren Ventures II, PowerPlant Partners Fund III and Synthesis Capital Fund I; Astanor Ventures II, at €360 million, has only a press figure. An LP that needs to commit at scale has little to choose from in this band; most dedicated funds with a sourced size are below US$150 million.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
The fifteen at a glance.
The fifteen dedicated funds profiled in detail, available on request (page 27), on one scale in US$ at dataset exchange rates. Labels give each size as its source states it1.
Bars are in US$ at dataset exchange rates: ECB annual averages for euro sizes and the Bank of Canada’s January–October 2026 average for InvestEco’s Canadian-dollar size. Lower bounds are drawn at their stated floor.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure. § Company named for the manager, not the fund.
Dry powder and the next raise.
Which dedicated funds are raising now, the LPs that commit to the field, what the profiled funds have deployed on record, and the public pools that back the next raise.
The next raise.
Dedicated funds in market with a first or interim close on record, then funds with a target and no close, then the funds whose first close has not been followed by a final close on record1.
Bars are in US$ at dataset exchange rates; labels give each close as its source states it. Every figure here is a lower bound: a first close or an amount sold with fundraising still open. Figures marked PRESS come only from a press report and are left out of every total.
| FUND | MANAGER | REGION | STATUS ON RECORD |
|---|---|---|---|
| None in the dedicated band7 | |||
A target is never a size. A fund on record with a target and no close would print as “target only, no close on record”; none does.
| FUND | MANAGER | FLAG | LATEST VINTAGE | MONTHS IN MARKET |
|---|---|---|---|---|
| Rio Agri-Food Venture Fund | Rio Investment Partners (Avrio Capital) | first close only; no final close found | 2019 | 948 |
| Nordic FoodTech VC Fund II | Nordic FoodTech VC | first close only; no final close found | 2025 | 22 |
| Aqua-Spark Africa | Aqua-Spark | first close only; no final close found | 2025 | 22 |
| Nàdarra Ventures Fund I | Nàdarra Ventures | first close only; no final close found | 2023 | 46 |
| Demeter Agrinnovation | Demeter Investment Managers | first close only; no final close found | 2018 | 106 |
| Maia Ventures Fund I | Maia Ventures | first close only; no final close found | 2025 | 22 |
| Kost Capital Fund I | Kost Capital | first close only; no final close found | 2024 | 34 |
Kennox flags; months in market are approximate. Nàdarra Ventures Fund I sits in the generalist band and Rio Agri-Food Venture Fund and Demeter Agrinnovation have vintages before 2023, so none of the three is charted above.
≥ Lower bound: a first, interim, approximate or “over” figure.
Commitments and connections.
The LPs named by the most managers, then the largest LP commitments a public source states.
| LP | TYPE | MANAGERS NAMING IT | FUND ROWS | WITH AN AMOUNT | STATED, US$M |
|---|---|---|---|---|---|
| Farm Credit Canada | government (Crown) | 5 | 6 | 0 | 0.01 |
| European Investment Fund | government FoF (EU) | 5 | 5 | 4 | 121.3 |
| Invest-NL | government | 4 | 4 | 3 | 31.1 |
| BDC Capital | government (Crown) | 3 | 4 | 0 | 0.0 |
| Alberta Enterprise Corporation | government FoF | 2 | 2 | 0 | 0.0 |
| European Investment Fund (BlueInvest) | government / supranational FoF | 2 | 2 | 0 | 0.0 |
| Griffith Foods | corporate (agrifood) | 2 | 2 | 0 | 0.0 |
| KfW Capital | national promotional institution (DE) | 2 | 0 | 0 | 0.0 |
| Minnesota State Board of Investment (Combined Funds) | public pension (US state) | 1 | 2 | 2 | 250.0 |
| Export Development Canada | government (Crown) | 1 | 2 | 0 | 0.0 |
Managers are counted once, from sourced LP rows, with unnamed groups left out. The most connected public LP is in orange; amounts are summed in US$ at dataset rates.
| LP | MANAGER | FUND | AMOUNT AS STATED | US$M |
|---|---|---|---|---|
| Minnesota State Board of Investment (Combined Funds) · public pension (US state) | Paine Schwartz Partners | Paine Schwartz Food Chain Fund V | US$150M†4 | 150.02 |
| Campbell Soup Company · corporate (sole LP) | Acre Venture Partners | Acre Venture Partners Fund I | US$125M5 | 125.0 |
| Unilever · corporate (agrifood) anchor | Tikehau Capital | Tikehau Regenerative Agriculture Strategy | €100M6 | 113.0 |
| AXA · corporate (insurer) anchor | Tikehau Capital | Tikehau Regenerative Agriculture Strategy | €100M7 | 113.0 |
| European Investment Bank · supranational (EU) | ECBF Management | European Circular Bioeconomy Fund I | €100M8 | 105.3 |
| Minnesota State Board of Investment (Combined Funds) · public pension (US state) | Paine Schwartz Partners | Paine Schwartz Food Chain Fund VI | US$100M†9 | 100.0 |
| District of Columbia Retirement Board · public pension (US city) | Paine Schwartz Partners | Paine Schwartz Food Chain Fund VI | US$100M†10 | 100.0 |
| ERSRI - Employees’ Retirement System of Rhode Island · public pension (US state) | Paine Schwartz Partners | Paine Schwartz Food Chain Fund V | US$50M11 | 50.0 |
| European Investment Fund · government FoF (EU) | Convent Capital | Convent Capital AgriFood Growth Fund | €35M12 | 36.9 |
| European Investment Fund · government FoF (EU) | Impact Bridge | Impact Bridge Sustainable AgriFood Fund | €30M13 | 33.9 |
| European Investment Fund · government FoF (EU) | Yield Lab Europe | Yield Lab Europe Fund 2 | €25M14 | 28.9 |
LP types are as recorded in the dataset. The eleven largest of the 17 LP rows that carry a printable amount, out of 97 LP rows in all3; one further commitment is left out because its only source carries a person’s name. Amounts are as stated; the US$ column is modelled.
Government and development money leads the list. The largest single commitments on record come from US public pensions to the food chain funds of Paine Schwartz Partners, a growth equity manager outside the dedicated band15.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars.
Deployment on record.
For each of the fifteen profiled funds: the commitment on record, what public sources state about deployment and reserves, and any successor fund. Dry powder is left to the Synthetic Analysis edition.
| FUND | COMMITMENT | DEPLOYMENT ON RECORD | RESERVE POLICY ON RECORD | DRY POWDER | NEXT RAISE ON RECORD |
|---|---|---|---|---|---|
| Valor Siren Ventures II | US$595M†3 | Not on record2 | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check)1 |
| PowerPlant Partners Fund III | US$330M†4 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Synthesis Capital Fund I | ≥US$300M5 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Unovis NCAP Fund II | €146M6 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Capagro Agri-Food Innovation II | €137M7 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| FoodLabs Fund III | ≥€105M8 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Blue Revolution Fund | €93M9 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Healthy Food Systems Impact Fund II | €71.5M10 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| InvestEco Sustainable Food Fund IV | C$106M11 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| New Protein Fund I | US$50M†12 | Not on record | Not on record | In the Synthetic Analysis edition | New Protein Fund II, 2023, US$12.5M (Form D amount sold)13 |
| Future Food Fund II | €40M14 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Supply Change Capital Fund I | US$40M†15 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Kost Capital Fund I | ≥€25M16 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Rockstart AgriFood Fund I | ≥€22M17 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
| Grit Road Ag-Venture Fund | ≥US$11M†18 | Not on record | Not on record | In the Synthetic Analysis edition | No successor fund on record at 31 Oct 2026 (Kennox dataset check) |
Commitments are each fund’s size on record, sourced here; firm and fund-level profiles are available on request (page 27). Deployment and reserve policy print as “Not on record” because no public source in the dataset states them; GP media quotes are context only and do not count. The next raise is sourced where a successor fund row exists and is otherwise a Kennox dataset check at 31 October 2026.
None of the fifteen publishes how much it has deployed or what it holds back for follow-on rounds. One has a successor fund on record: Big Idea Ventures’ New Protein Fund II, of 2023, with US$12.5 million sold on its SEC Form D13.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
Capital for the next raise.
The public LP pools and programs that back agrifood managers, and any size a public source states with its currency. The dataset records 39 program commitments to managers1.
Sizes would be drawn in the currency each source states, on separate scales by currency and without conversion. A program envelope is not a fund close, and a bare dollar sign in a government source is not shown as a size.
| POOL OR PROGRAM | SPONSOR | SIZE AS STATED | BASIS ON RECORD |
|---|---|---|---|
| Alberta Enterprise Corporation2 | Alberta Enterprise Corporation | not public | pool status active |
| BDC Capital3 | Business Development Bank of Canada | not public | pool status active |
| European Investment Fund (agrifood commitments)4 | European Investment Fund | not public | pool status active |
| FCC Agri-food Project Finance Fund5 | Farm Credit Canada | not public | the source states an amount with a bare dollar sign and no currency; not shown as a size |
| FCC Capital6 | Farm Credit Canada | not public | plan or target only; pool status active |
| Manitoba First Fund7 | Province of Manitoba | not public | the source states an amount with a bare dollar sign and no currency; not shown as a size; pool status active |
| Protein Industries Canada Technology Leadership Program8 | Protein Industries Canada | not public | total commitments reported in an annual report; currency check pending |
Status and basis are as recorded in the dataset. Two pools publish an amount with a bare dollar sign and no currency, so neither amount is printed; the earlier reading of both as Canadian dollars was corrected in the dataset.
Canadian public money is the most visible pool: Farm Credit Canada appears twice, beside BDC Capital, Alberta Enterprise Corporation, the Province of Manitoba and Protein Industries Canada. In Europe the European Investment Fund is the pool on record. None of these publishes a stated size for agrifood with its currency.
Method and sources.
Where each manager sits by structure, how the figures were sourced, and every source in full.
Access map.
Every manager in the dataset, grouped by structure, with recorded columns only.
| MANAGER | BASE | FUNDS | SIZED | LP ROWS |
|---|---|---|---|---|
| STANDALONE FUND | ||||
| 3AT (Crédit Agricole and Supernova Invest) | Paris | 1 | 0 | 01 |
| AccelFoods | New York | 1 | 1 | 0 |
| Acre Venture Partners | Los Angeles | 2 | 1 | 2 |
| Acumen | New York | 1 | 1 | 0 |
| AgFunder | San Francisco | 3 | 1 | 3 |
| Anterra Capital | Amsterdam | 2 | 0 | 0 |
| Aqua-Spark | Utrecht | 1 | 0 | 0 |
| Astanor Ventures | Brussels | 2 | 0 | 2 |
| AVAC | Calgary | 1 | 0 | 0 |
| Better Food Ventures | San Francisco | 1 | 0 | 0 |
| Big Idea Ventures | New York | 2 | 2 | 1 |
| Blue Horizon | Zurich | 1 | 0 | 1 |
| Bread & Butter Ventures | Minneapolis | 1 | 1 | 0 |
| Capagro | Paris | 1 | 1 | 4 |
| Cultivation Capital | St. Louis | 1 | 1 | 0 |
| Cultivian Sandbox Ventures | Chicago | 3 | 2 | 10 |
| Demeter Investment Managers | Paris | 1 | 0 | 0 |
| District Ventures Capital | Calgary | 1 | 0 | 2 |
| Eatable Adventures | Madrid | 1 | 0 | 0 |
| ECBF Management | Munich | 1 | 1 | 3 |
| Emmertech | Regina | 1 | 0 | 4 |
| Farmers Innovation Fund (AgLaunch and Ag Ventures Alliance) | Memphis | 1 | 1 | 0 |
| Finistere Ventures | San Diego | 1 | 1 | 3 |
| Five Seasons Ventures | Paris | 1 | 0 | 0 |
| FoodLabs | Berlin | 1 | 1 | 4 |
| Forbion | Naarden | 1 | 1 | 1 |
| Fulcrum Global Capital | Kansas City | 2 | 2 | 0 |
| Future Food Fund | Utrecht | 1 | 1 | 2 |
| Generation Food Rural Partners | Montclair | 1 | 1 | 0 |
| Grit Road Partners | Omaha | 1 | 1 | 0 |
| Groundforce Capital (PowerPlant Partners) | Los Angeles | 3 | 3 | 0 |
| Hatch Blue | Bergen | 1 | 1 | 0 |
| Impact Bridge | Madrid | 1 | 0 | 3 |
| Innova Memphis | Memphis | 1 | 0 | 0 |
| InvestEco Capital | Toronto | 3 | 1 | 11 |
| iSelect Fund | St. Louis | 1 | 0 | 0 |
| Kost Capital | Copenhagen | 1 | 1 | 1 |
| Maia Ventures | Italy | 1 | 0 | 0 |
| Nordic FoodTech VC | Helsinki | 1 | 0 | 1 |
| Nàdarra Ventures | Halifax | 1 | 0 | 2 |
| Ospraie Management | New York | 1 | 1 | 0 |
| Oyster Bay | Hamburg | 1 | 0 | 0 |
| PeakBridge | Luxembourg | 1 | 0 | 2 |
| Portfolia | San Mateo | 1 | 1 | 0 |
| Pymwymic | Amsterdam | 1 | 1 | 10 |
| Radicle Growth | San Diego | 1 | 1 | 0 |
| Redstick Ventures | Toronto | 1 | 0 | 0 |
| Renewal Funds | Vancouver | 2 | 0 | 1 |
| Rio Investment Partners (Avrio Capital) | Calgary | 4 | 0 | 2 |
| Rockstart | Amsterdam | 1 | 1 | 0 |
| S2G Investments | Chicago | 2 | 1 | 0 |
| Sentient Ventures | United Kingdom | 1 | 0 | 0 |
| Seventure Partners | Paris | 1 | 0 | 0 |
| SHIFT Invest | Amsterdam | 1 | 1 | 0 |
| Siddhi Capital | United States | 1 | 0 | 0 |
| Stray Dog Capital | Leawood | 1 | 1 | 0 |
| MANAGER | BASE | FUNDS | SIZED | LP ROWS |
|---|---|---|---|---|
| STANDALONE FUND, CONTINUED | ||||
| Supply Change Capital | San Francisco | 1 | 1 | 3 |
| SWEN Capital Partners | Paris | 1 | 1 | 0 |
| Synthesis Capital | London | 1 | 1 | 0 |
| Tall Grass Ventures | Calgary | 1 | 0 | 2 |
| The Yield Lab | St. Louis | 1 | 1 | 0 |
| The51 | Calgary | 1 | 0 | 2 |
| Trailhead Capital | Boulder | 1 | 1 | 0 |
| Unilis Agtech (Unigrains and Arvalis) | Paris | 1 | 1 | 0 |
| Unovis Asset Management | Washington DC | 2 | 1 | 5 |
| Valor Siren Ventures | Chicago | 2 | 2 | 2 |
| Wavemaker 360 | Pasadena | 1 | 1 | 0 |
| Yield Lab Europe | Dublin | 1 | 0 | 1 |
| CORPORATE | ||||
| 301 INC (General Mills) | Minneapolis | 1 | 0 | 0 |
| ADM Ventures | Chicago | 1 | 0 | 0 |
| AgriFoodTech Venture GmbH (BayWa, MULTIVAC, Bindewald und Gutting) | Munich | 1 | 1 | 0 |
| Cargill Ventures | Minneapolis | 1 | 0 | 0 |
| Cavallo Ventures (Wilbur-Ellis) | San Francisco | 1 | 0 | 0 |
| Corteva Catalyst | Indianapolis | 1 | 0 | 0 |
| Danone Manifesto Ventures | Paris | 1 | 0 | 0 |
| dsm-firmenich Venturing | Kaiseraugst | 1 | 0 | 0 |
| Eighteen94 Capital (Kellanova) | Battle Creek | 1 | 0 | 0 |
| Kraft Heinz Evolv Ventures | Chicago | 1 | 0 | 0 |
| Kubota | Nieuw-Vennep | 1 | 0 | 0 |
| Leaps by Bayer | Leverkusen | 1 | 1 | 0 |
| Mars Sustainability Investment Fund (Mars) | McLean | 1 | 0 | 0 |
| Rabo Ventures | Utrecht | 1 | 0 | 0 |
| Scotts 1868 Ventures (ScottsMiracle-Gro) | Marysville | 1 | 0 | 0 |
| Syngenta Group Ventures | Basel | 1 | 0 | 0 |
| Tate & Lyle Ventures | London | 1 | 0 | 0 |
| Tyson Ventures | Springdale | 1 | 1 | 0 |
| Unilever Ventures | London | 1 | 0 | 0 |
| Yara Growth Ventures | Oslo | 1 | 0 | 0 |
| GOVERNMENT / FUND OF FUNDS | ||||
| BDC Capital | Montreal | 1 | 0 | 0 |
| Farm Credit Canada (FCC Capital) | Regina | 1 | 0 | 0 |
| GROWTH | ||||
| AGR Partners | Davis | 1 | 0 | 0 |
| Black River Asset Management | Hopkins | 1 | 1 | 0 |
| Cibus Capital | London | 2 | 0 | 0 |
| Convent Capital | Amsterdam | 1 | 1 | 1 |
| Lewis & Clark AgriFood | St. Louis | 3 | 3 | 0 |
| Manna Tree Partners | Jackson | 2 | 1 | 0 |
| Open Prairie | Effingham | 2 | 2 | 0 |
| Paine Schwartz Partners | New York | 2 | 2 | 7 |
| Power Sustainable Lios | Montreal | 1 | 0 | 0 |
| SEMCAP Food & Nutrition | Philadelphia | 1 | 1 | 0 |
| TGAM | New York | 1 | 1 | 0 |
| Tikehau Capital | Paris | 1 | 0 | 2 |
| Velocity Agri-Capital Partners | Canada | 1 | 0 | 1 |
| LISTED / EVERGREEN | ||||
| Agronomics | Isle of Man | 1 | 0 | 0 |
Standalone fund. An independent venture manager. Corporate. A corporate venture unit. Government / fund of funds. A public body investing directly or through funds. Growth. A growth or private equity manager. Listed / evergreen. A listed or open-ended vehicle. Sized: sourced sizes only. Bold: a manager with a profiled fund, profiled in the detailed fund overviews, available on request (page 27). Base is the head-office city, or the country where none is recorded. LP rows count sourced LP rows, so an LP named for two funds counts twice.
Method and notes.
This report covers agriculture and agrifood-tech venture funds managed from North America and Europe: 104 firms and 130 funds, with their limited partners, programs, deals and exits, compiled to 31 October 20261. Dedicated funds enter the capital totals; the other bands are counted separately. Sources are fund announcements, fund counsel releases, SEC Form D filings, LP and government disclosures, company and acquirer releases, exchange filings and the press. Each figure carries its source in the dataset, and aggregator rows never set a size.
Every figure is labelled in its note: sourced, where a cited public page states it and the note gives the live link, or modelled, where Kennox counted, summed, ranked, took a median or converted, with the method in one line. Our own views are set in black: the summary findings and the commentary under the Deals and Disclosed capital charts. Everything else is the record. This is the sourced-data edition; book value, TVPI, DPI, dry powder and reserve need are in the Synthetic Analysis edition.
Sizes. A size is the final close where one is public, otherwise the latest disclosed close. Targets, caps and “up to” figures are never sizes. Form D amounts sold record offering progress. Where sources disagree, the verified figure is used and the difference is noted. Under a Kennox ruling of 3 November 2026, totals, medians, shares and counts of sized funds use only sizes from primary releases and SEC Form D filings; sizes reported only by the press are shown, marked PRESS, and left out.
Currency. A size counts only where its source states the amount and the currency. Under a Kennox ruling of 3 November 2026, 26 US sizes printed with a bare dollar sign are read as US dollars and marked †2. A bare dollar sign in a government source is not shown as a size.
Lower bounds. First, interim, approximate and “over” figures are lower bounds, marked ≥ and written “at least” in prose. They count at their stated floor in sums, bands and rankings.
Conversions. Modelled at the Federal Reserve, ECB, Bank of England and Bank of Canada annual averages for the vintage year; 2026 uses the January–October average. Each conversion note gives its rate.
Deals. Deal counts use GP deal rows only, one row per firm per round. Company Form D filings are not GP deals: of 127, the 14 matched to a release naming the GP count once as GP deal rows, dated by that release3.
Company status. Active (no exit on record), acquired (buyer, year), listed (exchange or SPAC, year), or agreed but not closed. Exits count once per company, at the earliest public exit date.
Marks. § names a company for the manager where no public source names it for the fund. ‡ marks a company the dataset links to a fund by deal date, an inference.
GP-stated (media). A manager’s words in a podcast or video, attributed to the firm and never to a speaker. The dataset holds 21 such rows on 12 firms; they are context only and set no figure4.
How the fifteen were chosen. Dedicated band; a sourced size from a GP, fund counsel, LP or sponsor release, with Form D-only and press-only sizes left out; vintage 2020 or later; one fund per firm, the largest; the fifteen largest by size in US$ at dataset exchange rates. Lower bounds rank at their stated floor; ties go exact first, then alphabetical. Sixteen funds meet the rule. The ranking rewards size and disclosure; it says nothing about performance.
Exclusions. No licensed-database material of any kind, no person names, and no round sizes, valuations, per-company values, IRR or DPI timing. Unverified rows are not printed.
Cultivian Sandbox Ventures II. Sized from its SEC Form D of June 2014: at least US$85.0 million sold, a lower bound. The earlier press figure is not used, since its only source carries a person’s name5.
Dedicated band. Venture funds that invest mainly in agriculture and agrifood tech; the only band in the capital totals.
Final and first close. A final close ends a fundraise; a first or interim close is a step on the way and counts as a lower bound.
Form D amount sold. The amount a US fund reports to the SEC as sold so far; it records progress and is not a close.
Source tier. Primary: a release from the GP, fund counsel, an LP or a sponsor. News: a press report. Form D: the SEC filing.
GP deal row. One firm in one round, from a public source; a portfolio-membership row records only that a company is held.
Kennox dataset check. A search of the dataset’s own rows, for example for a later fund from the same manager, dated 31 October 2026.
Corrections and further documentation are welcome; see the notes at the foot of the Sources and the disclaimer at the back of the book.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure. ‡ Company linked to the fund by the dataset (inferred). § Company named for the manager, not the fund.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
Edition. Agrifood tech venture, Edition 06 · Autumn 2026. Published November 2026 by Kennox Ventures Ltd.
Data. Figures are as of the dates given beside them and were compiled from public sources to 31 October 2026. Currency amounts are stated as reported; conversions are modelled at central-bank annual averages for the vintage year, and each one is marked in its note. Every figure carries a note in the Sources, pages 21 to 25, that marks it as sourced, with a live link, or modelled, with its method.
Typefaces, format and stock. Typeset in Prata and Inter. US Letter, 28 pages.
Imagery. From the Kennox library. The compositions are artworks and do not document projects, properties or offices.
Corrections and rights. Kennox welcomes corrections and documentation from the funds and companies named here: [email protected]. © 2026 Kennox Ventures Ltd. The KENNOX wordmark and the K monogram are trademarks of Kennox Ventures Ltd.; company and fund names belong to their owners and are used for identification only.
† Currency inferred: a US firm in a US source that prints a bare dollar sign; read as US dollars. ≥ Lower bound: a first, interim, approximate or “over” figure.
Disclaimer.
This report is published by Kennox Ventures Ltd. for information only. It is not investment, legal or tax advice, and it is not an offer or solicitation to buy or sell any security or any interest in a fund.
The report is based on public sources as at the date stated in it. Each figure is either sourced from a cited public source or modelled by Kennox, and the notes show which.
Information in the report may be incomplete or out of date. It has not been verified by any fund, manager or other organisation, and Kennox Ventures Ltd. has no obligation to update it.
The report contains no performance data and makes no prediction of the returns or results of any fund.
Readers should carry out their own due diligence and take independent professional advice before making any investment decision.
Kennox Ventures Ltd. accepts no liability for any loss arising from reliance on the report or its contents. Fund names and marks belong to their owners.
© Kennox Ventures Ltd. All rights reserved. No part of the report may be reproduced or distributed without the written permission of Kennox Ventures Ltd.
Detailed fund overviews.
Detailed fund overviews are available by contacting Kennox advisory at [email protected]. They give firm and fund-level profiles: notable investments, fund breakdowns and LPs on record.
They cover the fifteen dedicated funds chosen by the rule on page 20.