Lever closes alternative protein fund at $80m

Lever VC is actively speaking with investors interested in Lever VC Fund II, which it says it will begin raising early next year.

New York-based Lever VC, an investor in early-stage plant-based and cultivated meat and dairy companies, announced it has completed final close of its first fund with $80 million. The firm previously told Venture Capital Journal story it was targeting $50 million.

The vehicle’s partners had previously invested in leading alternative protein companies, including Impossible Foods, Beyond Meat, Memphis Meats and others.

Fund I already has a portfolio of 19 companies in the US, Europe, Asia and Latin America.

Lever VC said its backers include several of the world’s largest meat companies, ingredient and food commodities companies, one of the world’s largest fermentation companies, two of the world’s largest AgriFeed companies and family offices of the largest retail groups in several countries.

Source: Press release