Unovis Asset Management Announces €146 Million Close of Second Alternative Protein-Focused Venture Fund
Limited Partners Include Invest-NL, Unigestion, Credit Suisse, Fuji Oil, Griffith Foods and more.
Unovis Asset Management, B.V., today announced the closing of its second fund dedicated to investments in plant-based products, cellular agriculture and other alternative protein innovations. With an initial target of €75 million, the oversubscribed €146 million Unovis NCAP Fund II, C.V. (“NCAP II”) is more than three and one-half times the size of Unovis’s first fund, which deployed $45 million from 2015 to 2020.
“Humanity needs a revolutionary approach to reimagining our global animal protein production system and its inherent impacts on animal suffering, climate change, food injustice, and myriad other harmful consequences of using animals for human desires. Our first fund, New Crop Capital Trust, proved that with a little ingenuity, a little capital, and a little cooperation with some of the world’s largest food companies, we can support this critical new trajectory,” said Chris Kerr, Unovis Founding Partner and Chief Investment Officer. “It is a great privilege to close our second fund and to continue to put investor capital to work accelerating the urgently needed transformative change that alternative proteins are bringing to our food system.”
Added Dan Altschuler Malek, Managing Partner, North America and Israel: “The simple fact is, animal agriculture is not only antiquated and unsustainable, it is inefficient, insufficient for the protein needs of a growing population and harmful to the planet. We need large-scale disruption and are excited to support the innovative entrepreneurs and companies working to solve these fundamental, global problems.”
NCAP Fund II includes commitments from institutional investors, impact funds and others from Europe, the Middle East, North America, Asia and South America including Invest-NL, Unigestion, Credit Suisse, Fuji Oil, Griffith Foods and more.
Unovis’s first fund, 2015’s New Crop Capital Trust, invested in 41 early-stage plant-based, fermented, and cultured protein companies across four continents. Today, Unovis’s portfolio includes industry leaders such as Nobell, which is using molecular farming to develop craft cheeses that look, feel and taste like animal-based products; The Protein Brewery, using precision fermentation to produce alternative protein ingredients; Wicked Foods, a global leader in ready-made and fresh vegan packaged foods; Matrix Meats, developing scaffolds for the production of animal-free cultured meat products; and Zero Egg, an Israeli company that produces a plant-based egg formulation with the functionality of a conventional chicken egg.
Said Kim Odhner, Managing Partner, Europe and Asia: “Whether humans avert catastrophic climate change or not, there is life today – animals, forests, oceans, people – that needs protection. More than ever, it is up to individuals, innovative companies, visionary investors and policy makers to drive that change. We understand that addressing the interwoven injustices of the global food system can help facilitate meaningful action and we’re proud to be supporting innovation in alternative protein as a way to move that needle forward.”
Regarding future plans, Unovis Managing Partner and Portfolio Manager Mark Langley added: “It has been a great privilege to work these past years with all of the entrepreneurs, investors, strategic partners and others in our orbit who are committed to the transformative potential of alternative proteins. We’re incredibly optimistic about the future of this industry and remain dedicated to supporting this important work in 2022 and beyond.”
Wouter Bos, CEO of Invest-NL adds: “This investment fits within invest-NL’s objective to work towards a carbon-neutral economy. Since the meat and dairy industry causes a lot of CO2 and other greenhouse gas emissions, the transition from animal protein sources to alternative protein sources is an important step. In addition, this reduces the use of agricultural land and water and prevents animal suffering. Unovis is one of the first investors in the protein transition and has proven to contribute successfully. “
About Unovis Asset Management, B.V.
Unovis Asset Management is a global boutique investment firm and leader in the rapidly developing alternative protein space. The Unovis team has the longest and most comprehensive investment track record in the alternative proteins sector and an impressive ROI through its first fund, New Crop Capital, and now NCAP II. The team views conventional animal agriculture as an antiquated and inefficient food production system with serious ESG vulnerabilities that make it ripe for large-scale disruption and innovation. Inspiring entrepreneurs and fueling innovative ideas are at the heart of what Unovis does.