The51 Food and AgTech GP announced today the closing of $30 Million for a fund targeting Pre-Seed to Series A investments in founders pioneering food and agriculture technologies.
Lead Investor Farm Credit Canada was joined by Alberta Enterprise Corporation and National Bank of Canada, family foundations and offices, and individual accredited investors from agri-business, farming, and industry backgrounds.
“We are in the midst of several seismic events that are defining the world we live in,” says Alison Sunstrum, Managing General Partner of The51 Food and AgTech Fund. She cites COVID-19 aftershocks, “conflict between two agricultural superpowers, and climate change are affecting the world’s food supply.”
Sunstrum believes that investing in agricultural technology “will enhance productivity, reduce waste, mitigate climate change, and create new markets and job opportunities.”
“We are at a crossroads where innovation may tip the scale to a net positive, food secure planet,” she posits.
Describing farmers as “stewards of the land for the next generation,” the backers behind The51 Food and AgTech Fund believe it is now necessary to be using technologies that increase efficiency, improve decision-making, and reduce cost.
“Our producers will be armed with the tools needed to feed the world’s growing population,” a statement released from The51 Food and AgTech General Partnership reads.
“The demand on the agriculture and food industry is growing quickly and we need to meet the need with new ideas, innovations and technology,” affirms Rebbecca Clarke, vice-president of FCC Venture Capital and a fund partner. “This fund will accelerate our ability to get those new, transformational technologies to Canadian producers.”
The51 Food and AgTech Fund I is aiming for a total capital size of $50 million.
The Calgary company’s team of former founders, operators, and engineers intend to provide guidance and support to visionary founders. Meanwhile, The51’s expansive community connects entrepreneurs with domain knowledge, talent, and resources.
The ultimate goal, according to the women-led organization, is to cultivate a sustainable future for our planet.
“We look forward to what the future holds,” Clarke said.
The51 has invested in an array of Alberta firms already, including Calgary construction tech startup Mercator AI, which secured an oversubscribed seed round in March.
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