TLDR:
Agtech VC Tenacious Ventures has secured $18 million in commitments for the first close of its second fund, with a $50 million target. The fund will focus on early-stage Australian startups in agri-food with a positive climate impact. Tenacious Ventures has previously invested in successful agtech startups like Goterra and Jupiter Ionics, and has attracted support from prominent investors such as Tesla chair Robyn Denholm and RBA board member Carol Schwartz.
Summary:
Tenacious Ventures, a specialist agtech venture capital firm, has raised $18 million for the first close of its second fund, with a target of $50 million. The fund will continue to focus on early-stage Australian startups in agri-food with a positive climate impact. Tenacious Ventures was founded by Sarah Nolet and Matthew Pryor in 2019, and their first fund attracted $35 million in commitments in 2021, with backing from investors like the Australian Government Clean Energy Finance Corporation and Grok Ventures.
Some of the successful investments made by Tenacious Ventures include funding for food waste recycling startup Goterra and green ammonia developer Jupiter Ionics. The fund has already invested over $23 million in agtech startups that have attracted more than $240 million in follow-on capital. The investors in Fund II come from the US and Australia, including prominent names like Robyn Denholm’s Wollemi Capital Group and Carol Schwartz’s Trawalla Group.
Tenacious Ventures’ co-founders emphasize Australia’s potential as a global leader in agtech, and their vision to support climate-smart innovators in the field. The fund’s success in attracting investors in Fund II is seen as a positive signal for Australian agtech innovators, with investors recognizing Australia’s competitive advantage in the sector. The fund’s differentiated portfolio, deep sector expertise, and global presence have positioned Tenacious Ventures as a leader in agtech investments.
Overall, the article highlights the success of Tenacious Ventures in securing funding for its second fund and its commitment to supporting Australian agtech startups with a focus on sustainability and climate impact.
