Lever VC holds first close of alternative protein fund
Lever VC, an alternative protein VC fund whose partners were investors in Beyond Meat, Impossible Foods and Memphis Meats, has held a first close of its first fund, which currently has USD23 million in commitments.
Lever VC will continue to identify investment opportunities in early stage alternative protein companies, and remains open to additional investors until reaching final close.
Lever VC Fund 1, which is investing in early stage plant-based and cell-cultivated meat and dairy companies, globally, has amassed a portfolio of ten alternative protein startups around the world. Lever VC has venture partners in the US, UK, France, Israel, India, Hong Kong, mainland China, and Singapore.
Lever VC managing partner Nick Cooney and Partner Lawrence Chu have been investing in the alternative protein sector since 2015, and were investors in Beyond Meat, Impossible Foods, Memphis Meats, JUST, Aleph Farms, Kite Hill and other plant-based and cultivated meat and dairy companies.
Lawrence Chu has also invested over USD450 million in private equity investments in conventional animal protein companies.
“The alternative protein market is continuing to grow quickly, and with our deep experience and proven record of returns in the sector, as well as preeminent deal flow across North America, Europe, Asia and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein” said Lawrence Chu, Lever VC Partner and founder of Lever VC GP Venture Smart Financial Holdings Limited.
The Lever VC Fund I portfolio includes TurtleTree Labs, the first company in the world producing cow’s milk and human breast milk from cell cultivation; Better Meat Co, whose plant-based meat protein blend is featured in Perdue Farms products at over 7,000 grocery stores across the US and Good Planet Foods, a top plant-based cheese player with distribution at Walmart.