Agtech VC Tenacious Ventures hits $18m for second fund
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The news: Agtech venture capital firm Tenacious Ventures has made its first close on its second fund, securing $18 million in commitments.
The numbers: The new fund, targeted at $50 million, will continue to focus on early stage investments in agriculture technology startups.
After closing an oversubscribed first fund of $35 million in 2021, Melbourne-based Tenacious has invested more than $23 million in agtech startups to date. Those companies have attracted over $240 million in additional follow-up capital, including from local and overseas investors.
The context: Tenacious Ventures Fund II has received backing from Australian investors such as Trawalla Group, Wollemi Capital Group, and Macdoch, and Hutcheon and Pearce, one of the country's largest John Deere dealers.
It is also backed by exited founders, technology executives, impact investors and Australian primary producers across horticulture, grains and livestock.
Previous Tenacious investments include green ammonia company Jupiter Ionics, agriculture robotics company SwarmFarm Robotics, and modular organic waster provider Goterra.
What they said: Tenacious co-founder Sarah Nolet said: "To hit first close for our second fund, especially in this economic climate, is a positive signal not only for Tenacious' investment strategy, but also for Australian agtech innovators".
"Agri-food holds enormous potential and it takes deep sector expertise to unlock it," she said. "This is exactly why we started Tenacious Ventures — we leverage our specialised knowledge to be a lead investor, attracting additional investment and providing founders with the critical head start needed to drive climate-smart innovation."
The source: Tenacious Ventures media release
