Private equity fund TPP Capital Holdings (TPP) has announced the launch of a $20 million investment fund focused on supporting agriculture and food enterprises in the US with black and brown ownership.
The Urban Agriculture and Food Investment Fund will be used to make investments in agribusiness, agriculture, indoor vertical farms/greenhouses, farmland development and health-focused food and beverage enterprises.
Through supporting these businesses, TPP intends to improve the health of residents in black and brown neighbourhoods throughout the US by giving them improved access to healthy food.
The enterprises will be located in federally qualified opportunity zones throughout the US and TPP says it looks to reduce health disparities and burdens of chronic medical conditions exposed by Covid-19 that disproportionally impact black and brown Americans.
Fund I will target family offices, high-net worth individuals, professional athletes, celebrities, entertainers and institutional investors. It also expects to be an attractive investment vehicle for women and people of colour who are interested in supporting enterprises with black and brown ownership participation.
“In the middle of today’s public health crisis, our raise will allow us to provide scalable solutions and build back better – prioritising health through stronger businesses and buildings in food and wellness desserts prevalent in black and brown communities in federal qualified opportunity zones,” said Anthony B. Miles, TPP Capital Holdings principal and fund manager of Tioga District Urban Agriculture OZ Fund.
To date, with its new fund, TPP has committed to investing $2 million in Vertical Harvest LC3 – a Wyoming urban hydroponic farms business, with a focus on hiring people with intellectual and physical disabilities. TPP also plans to contribute $5 million to Vertical Harvest Philly, towards the construction and operation of a 70,000 square-foot greenhouse.
“TPP’s investment in Vertical Harvest, and their food industry expertise that they bring will greatly expand our footprint and enable us to gain significant market share in a fast-moving vertical farming market that is rooted in our foundational values of inclusivity, sustainability and community resilience,” said Vertical Harvest CEO Nona Yehia.
© FoodBev Media Ltd 2021
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial