Calgary’s AVAC this morning announced the first closing of the Finistere Ventures FVII Fund.
The mandate of the $150 million fund is to identify and invest in world-class technologies across early to growth stage companies in the agriculture technology space.
Verdex Capital, AVAC’s Ag Tech arm, will oversee the Canadian arm of the fund in partnership with Finistere Ventures. Finistere Ventures is a California-based venture investor.
“Canada has a proven track record of pioneering new technologies in crops and food,” said Dr. Michael Raymont, Chief Executive Officer at AVAC. “We believe there are huge opportunities in Canada such as leveraging the major R&D investments being made in our universities and institutions, some of which will require connections to the talent and ecosystems in the U. S. to flourish.”
“The ever increasing demand for food, fiber and materials, coupled with decreasing agricultural land resources, the impact of climate change, and changing population demographics are among the key factors driving the need for new technology solutions in food productivity, sustainability and nutrition,” said Finistere Ventures co-founder and Partner, Arama Kukutai. “Canada is an underserved market for the financing of Ag Tech innovation.”
The fund is “primarily focused on North American opportunities for investment.”
“The timing for the launch of the Finistere FVII Fund could not be better, given the current state of innovation and growth in the agriculture industry in Canada, with more and more excellent technology emerging,” said Dr. Rob Rennie, Chairman for AVAC.