The51 Food and AgTech GP closes $30m funding round

The51 Food and AgTech General Partnership has announced the closing of $30 million of its $50 million fund to transform food and agriculture for global impact.

The money will be used to target pre-seed to Series A investments in diverse founders to increase agricultural diversity and “cultivate a sustainable and thriving future” for the planet.

The51 Food and AgTech GP is a Canadian venture capital firm committed to “revolutionising” the agricultural landscape through new technology.

The firm’s team of former founders, operators and engineers provide guidance and support, with an “expansive” community that connects visionary founders with domain knowledge, talent and resources.

Lead investor Farm Credit Canada was joined by Alberta Enterprise Corporation, National Bank of Canada and several individual investors from agribusiness, farming and industry backgrounds.

Alison Sunstrum, managing general partner of The51 Food and AgTech fund, said: “We are in the midst of several seismic events that are defining the world we live in. Covid-19 aftershocks, the conflict between two agricultural superpowers and climate change are affecting the world’s food supply.”

She continued: “Investing in agricultural technology will enhance productivity, reduce waste, mitigate climate change and create new markets and job opportunities. We are at a crossroads where innovation may tip the scale to a net positive, food secure planet.”

The fund will enable farmers to use technologies that increase efficiency, improve decision making and reduce costs.

Fund partner, Rebbecca Clarke, added: “The demand on the agriculture and food industry is growing quickly, and we need to meet the need with new ideas, innovations and technology. This fund will accelerate our ability to get those new, transformational technologies to Canadian producers.”