EIF Commits Up To €30 Million to Finland's Nordic Foodtech VC Fund II

Fund II will concentrate on pre-seed and seed-stage ventures, including spin-outs from universities and research centres, developing sustainable technologies across agriculture, food, health, aquaculture and the wider biosolutions industry. The firm's first fund invested in 18 companies across the Nordic and Baltic regions.

The investment is supported by the InvestEU equity product for climate and environmental solutions, which includes funding from the European Maritime, Fisheries and Aquaculture Fund for the blue economy, as well as EIB Risk Capital Resources.

Nordic Foodtech VC co-founder and managing partner Mika Kukkurainen said the EIF support allows the firm to grow its reach across Northern Europe, according to EU-Startups, adding that its portfolio companies are building deep-tech solutions needed for food security, resilience and nutrition.

Tech.eu reported that EIB Group Vice-President Karl Nehammer said that while Europe has strong research in food and agriculture, promising technologies require capital and expertise to move from the laboratory to the market.

Kenyan Startup Twiga Foods Enters Administration After Financial Strain

Twiga Foods, one of Kenya's most heavily funded startups, has entered administration following years of financial pressure and restructuring efforts.