PeakBridge, an agri-food technology venture capital business, and EIT Food, the largest agri-food innovation ecosystem of the European Institute of Innovation and Technology (EIT), have launched a seed fund targeted at European agri-food technology start-ups.
FoodSparks will invest €30M in pan-European seed and early-stage start-ups aiming to support access to capital and scaling-up regarding the most pressing problems in food production, supply, and sustainability. This fund will invest in around ten start-ups a year in Europe and Israel. EIT Food will give access to advice and mentorship, allowing the entrepreneurs to profit from food experience and knowledge.
Erich Sieber, managing partner of PeakBridge states that “In addition to privileged access to deal-flow, due diligence and business development, the collaboration between EIT Food and FoodSparks by PeakBridge will offer our portfolio companies direct access to the EIT Food network thus creating significant additional value in addition to our investment”.