Alternative Protein Fund Lever VC Announces $46 Million Fourth Close, 2.33x Growth in Portfolio Value
April 13, 2021 - 3 min read
Lever VC’s portfolio of fourteen fast-growing alternative protein companies has grown in value 2.33x in the first seven quarters, based on valuation at most recent funding round
New York — Global alternative protein venture capital fund Lever VC announced today the recent completion of a $46 million fourth close of its Lever VC Fund I. The Fund’s third and fourth close included the addition of three corporate strategic investors from Europe and Asia—including one of the world’s largest Agri-Food companies, with annual revenue over $50 billion USD—as well as capital from NFL and NBA athletes, British nobility, and a global range of family offices.
Lever VC, which invests in early stage plant-based and cell-cultivated meat and dairy companies, has built a portfolio of fourteen fast-growing alternative protein startups across the U.S., Europe, Asia and Latin America. Over the first seven quarters of capital deployment (July 2019 through March 2021), the Lever VC Fund’s portfolio has grown in value 2.33x based on valuation or valuation cap at most recent funding round. 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.”
Lever VC has made lead investments into high-tech companies including TurtleTree Labs (the world’s top cultivated dairy company), Mission Barns (the world’s top cultivated animal fat company), Avant (the top cultivated meat company in the greater China region), Bond Pet Foods (the world leader in producing meat protein from fermentation) and Mozza (a technology leader in producing animal protein in plants), as well as investments into Bluu (Europe’s cultivated seafood leader) and Better Meat Co (the world’s leader in hybrid meat/alternative protein products). Lever VC has also led or participated in early stage investment rounds for fast-growing plant-based food brands Good Planet Foods (plant-based cheese), A Dozen Cousins (ready-to-eat plant-based meals) and Blackbird Foods (wheat protein and plant-based pizzas) in the U.S.; Grounded (plant-based dairy protein drinks) in the UK; The Good Spoon (plant-based mayo and condiments) in France; Marvelous Foods (plant-based dairy) in China; and The New (plant-based meat) in Brazil.
Lever VC tracks over 1,600 alternative protein companies globally, with team members on the ground in the U.S., U.K., France, Netherlands, Israel, India, Singapore, Hong Kong and mainland China. The Fund’s partners had previously invested in leading alternative protein companies including Impossible Foods, Beyond Meat, JUST, Memphis Meats, Mosa Meats, Aleph Farms and others. The Lever VC Fund will continue to invest in early stage alternative protein companies, and remains open to additional investors until concluding its final close.