September 19, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

PeakBridge Growth Fund II S.C.A. SICAV-RAIF (SFDR 9) has successfully completed its first close at approximately €100 million (US$100.2 million), and has begun deploying capital, making two initial investments in Netherlands-based Rival Foods, and France-based Standing Ovation. 

This food tech fund was the result of a partnership between Edmond de Rothschild’s (EdR) Private Equity investment platform and PeakBridge VC announced in Geneva, Switzerland, in December 2021, designed to build on the partners’ shared vision and common values around the transformation of our food systems. 

“This fundraising success confirms our conviction that the Agri-FoodTech asset class has significant growth potential and demonstrates investor interest in this theme,” said Johnny El Hachem, CEO, Edmond de Rothschild Private Equity.

“As a conviction-driven investment house, we believe that technologies that address the dislocation of global food chains by bringing more resilience and security to shocks such as tariffs, pandemics, and wars are here to stay.”

Active in food tech investing since 2000, PeakBridge is a pioneering global impact fund manager in the agrifood tech space focusing on scalable, patented, and sustainable technologies that address long-term environmental and nutrition challenges. And through combining their respective skills and international presence, PeakBridge and EdR aim to be contributing responders to the environmental and social challenges associated with our food systems.

“Our food diet is standardized and neither healthy nor sustainable,” said Nadav Berger, general partner and co-founder, PeakBridge. “Much of our food comes from a small number of over-processed ingredients which are harmful to both biodiversity and our health. Solutions and technologies that explore alternatives to animal-based protein without compromising on taste, texture, nutrition, and climate impact are becoming increasingly significant.”

Under its investment mandate to concentrate on key segments of the supply chain such as innovative ingredients, technologies related to alternative proteins, digitization, novel agricultural systems, and nutrition, SFDR 9 has made its first two investments:

Rival Foods: A tech spinoff company out of Wageningen University & Research, Rival Foods is developing new technologies, equipment, processes, and product formulations that improve the quality of the taste and texture of vegetable protein in order to create animal protein alternatives with greater appeal, enhanced nutritional profiles, better quality, lower cost, and lighter environmental impact. The ultimate goal for these patent-protected products is to provide nutritious and sustainable alternatives to conventional food products. 

This round, which was led by PeakBridge, was also joined by France-based Roquette Ventures, bringing together investors that have a common expertise in agrifood tech and large-scale development of alternative protein technologies.

Standing Ovation: Based in France, Standing Ovation is a developer of animal and lactose-free cheese and dairy product alternatives made with proteins produced via microbial fermentation. The company’s innovative, streamlined process produces caseins without the cattle – a segment of animal agriculture that accounts for about 15 percent of global greenhouse gas emissions. 

“Fighting inflation by passing on price increases to the end customer is not a sustainable solution,” noted Erich Sieber, general partner, co-founder, PeakBridge. “Product innovation, meeting new consumer needs, and resource optimization are long-term solutions that Agri-FoodTech Funds such as PeakBridge and innovative companies such as Rival Foods and Standing Ovation help drive.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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