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June 25, 2022
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Synthesis Capital raises £238m fund to back foodtech startups

London-based Synthesis Capital, a foodtech and alternative protein investor, has launched a $300m (£238m) fund to back technology solutions that will help with global food system challenges.

Average investments from the fund will be $15m and the venture capital firm is looking to invest in around 15 companies across the food value chain.

“In order to transform our food system to feed 10 billion people by 2050, within planetary boundaries, these new food technologies and platforms are imperative,” said Costa Yiannoulis, managing partner and co-founder of Synthesis Capital.

The Synthesis Capital fund has already invested in meat technology startup Upside Foods, cowless ice cream Perfect Day and plant-based 3D printing tech Redefine Meat. It has also made investments in Culture Biosciences, a company that outsources R&D and scaling through the use of its bioreactor farms.

The oversubscribed Fund I attracted investment from institutional investors, corporate partners, family offices and high-net-worth angels.

“With deep experience in this sector, we are ready to take advantage of this significant investment opportunity and are confident that alternative proteins will no longer be considered “alternative” in the near future,” said Rosie Wardle, partner and co-founder, Synthesis Capital.

“The paradigm shift we are now witnessing lies with companies combining the best from food technology and modern biotechnology in new, innovative ways.”

According to Synthesis Capital, the global food industry is worth $8tn.

“This convergence of synthetic biology, tissue engineering, 3D printing, food chemistry, and other enabling technologies will allow us to transform plants, microorganisms, and animal cells into nutritious, scalable, sustainable food that tastes great, is priced competitively, and is accessible to all,” said David Welch, chief scientific officer and co-founder, Synthesis Capital.

Earlier this week London-based Foodsteps raised £3.2m led by Octopus Ventures for its platform that helps the food sector reduce its carbon footprint.

The post Synthesis Capital raises £238m fund to back foodtech startups appeared first on UKTN | UK Tech News.

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