Global alt-protein venture capital fund Lever VC has announced a $46 million fourth funding close, counting an agri-food giant, as well as NFL and NBA athletes and British nobility among its new investors. News of the close comes with a 2.33x growth in the fund’s portfolio value in the first seven quarters.
Although identities were not revealed, the fund included the addition of three corporate strategic investors from Europe and Asia, including one of the world’s largest agri-food companies which has an annual revenue of over $50 billion. The fund has found increasing traction in Asia, after last year announcing a partnership to launch a joint investment fund and accelerator program to support plant-based and cell-cultured brands across China.
Lever VC invests in early-stage plant-based and cell-cultured meat and dairy companies across the globe and boasts fourteen alternative protein companies in its portfolio, including the recent addition of one of the fastest-growing brands in Latin America, The New Butchers.
The value of Lever’s portfolio has grown in value by 2.33x in the first seven quarters, based on valuation at the most recent funding round. Other companies in the portfolio include cell-cultured dairy company TurtleTree Labs, cell-cultured animal fat company Mission Barns, Chinese cell-cultured company Avant, and Europe’s cell-cultured seafood leader Bluu, amongst others. The fund remains open to new investors and plans to hold its final close in June.
“We are pleased to have welcomed a variety of great, value-add corporate strategic and family office investors into the Lever VC Fund,” said Lever VC Managing Partner Nick Cooney. “The Fund’s third and fourth closes included capital from NBA and NFL athletes, British nobility, alternative protein industry veterans, and leading European and Asian food corporates that will bring tremendous reach to our portfolio companies.”