Startups, Accelerators & Incubators

Green Generation Fund Raises €100M to Provide Seed Capital to Alt-Protein Startups

Entrepreneurs Manon Littek and Janna Ensthaler have launched the €100 million Green Generation Fund, after raising funding from investors including Corecam Capital Partners and Westwing founder Delia Lachance.

Targeting alt-proteins, the fund has already invested in eight startups, including cell-based breast milk company Biomilq and animal-free dairy producer Change Foods. Another is Neggst, a startup producing what it claims is the first vegan egg with a shell. In total, the Green Generation Fund is aiming for a portfolio of 20-25 companies.

All startups will be given targets to reduce their carbon emissions, and if these targets are not reached then a third of the returns will be donated to environmental organisations. The fund managers’ renumeration will also vary depending on whether sustainability targets are met.

Change Foods Pizza
©Change Foods

Alt-protein funds

Worldwide, there are now several funds specifically for alt-protein startups. Blue Horizon Ventures is known for providing capital to numerous sustainable food companies, and in the APAC region, Better Bite Ventures launched earlier this year to “power a new wave of startups”.

In 2021, alt-protein venture capital fund Lever VC completed its $80 million Fund I, receiving backing from major conventional meat companies. And last August, AgFunder closed an oversubscribed $21 million fund for alt-proteins.

“The next three years are crucial in the fight against climate change,” Manon Littek told Handelsblatt. “We need to invest in the big solutions now to make the change happen.”

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