Global venture capital fund, Lever VC, has announced the first close of its new fund focused on the global alternative protein space. The Lever VC Fund I currently has $23 million in committed capital and a portfolio of ten startups across the US, Europe and Asia.
Lever VC – whose partners were investors in Beyond Meat, Impossible Foods, Memphis Meats and other sector leaders – is investing in a range of early stage plant-based and cell-cultivated meat and dairy companies.
“The alternative protein market is continuing to grow quickly, and with our deep experience and proven record of returns in the sector, as well as preeminent deal flow across North America, Europe, Asia and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein,” said Lawrence Chu, Lever VC partner and founder of Lever VC GP Venture Smart Financial Holdings Limited.
The Fund’s portfolio includes: TurtleTree Labs, which produces cow’s milk and human breast milk from cell cultivation; Better Meats Co, whose plant-based meat protein blend is featured in Perdue Farms products at over 7,000 grocery stores across the US; Good Planet Foods, which supplies plant-based cheese to Walmart, Albertsons, Kroger, Costco, White Castle and others; Mission Barns, which creates cell-cultivated bacon products; The Good Spoon, a plant-based condiments brand; and Bond Pet Foods, which creates real meat protein from fermentation.
“We decided to invest in alternative protein in 2018, and started approaching a few VCs,” said Benny Pei, Lever VC partner and chief investment officer of Lever VC GP DFP Capital. “We were most impressed with the Lever VC founders’ long investment experience and track record in this exciting field, so we joined them to start strategically deploying assets in this fast-growing global sector.”
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