Tenacious Ventures, Australia’s first dedicated agrifood tech venture capital firm, supports early stage companies that are developing technologies designed to lower emissions and increase energy efficiency in the agriculture sector.
The $30 million Tenacious Ventures Fund I will invest in up to 20 early-stage agrifood tech companies that are underpinned by emerging technologies and transformative business models.
Agriculture is a significant and growing contributor to global emissions and the world's largest source of non-CO2 emissions, with about 14 percent of global greenhouse gas emissions. It is estimated to represent up to 30 percent of global emissions when the broader food system, such as growing, harvesting, processing, packaging, transport, and consumption, are taken into account.
Emerging agricultural technology targets measures to improve farm efficiency and increase food yields, reduce agricultural inputs, land clearing and methane emissions, advance plant science and crop genetics and minimise food waste.
The fund will support innovations that have the potential to make a meaning contribution to global emissions reduction efforts in a sector that is expected to continue to grow as demands for agricultural production increase.
It will help meet a shortfall in institutional capital in Australia supporting ag tech companies through development to commercialisation.
The CEFC has made a cornerstone investment commitment of $8 million equity to the fund, through the Clean Energy Innovation Fund, which draws on the finance and skills of the CEFC and the Australian Renewable Energy Agency (ARENA). Learn more about the Innovation Fund
The CEFC has invested alongside private investment fund Grok Ventures, established by Atlassian co-founder Mike Cannon-Brookes. Grok is a well-known early-stage investor in high-growth technology businesses.