Lever VC reaches $23m first close on food fund
Lever VC, a Hong Kong and US-based food tech specialist, has confirmed a $23 million first close for its debut fund, which will invest alternative protein start-ups globally with a strong focus on China.
About 70% of LP commitments came from Asian family offices and conglomerates in areas such as consumer products and food, with a strong showing from Hong Kong-based investors. The target is $50 million.
The capital raised to date has been earmarked as follow-on funding for portfolio companies in Lever’s recently launched China fund, which has already secured RMB40 million ($6 million). The China vehicle’s planned capacity of RMB200 million is now in place across the two funds, although they both remain open. This strategy will leverage a partnership with Brinc, a Hong Kong accelerator focused on manufacturing.
Lever VC Fund I has invested 10 start-ups to date, including Hong Kong cell-based meat developer Avant, Singapore cell-based milk developer TurtleTree Labs, and Marvelous Foods, a pioneering plant-based yogurt brand in China.
It has also backed Bond Pet Foods, a US-based dog biscuit maker that claims to be the first company globally to produce real meat protein from fermentation. Lever says it is tracking some 1,200 companies in various alternative protein sub-categories globally.
The firm was established in 2017 by Lawrence Chu and Nick Cooney, who were early investors in sector leaders Beyond Meat and Impossible Foods. Chu, who heads Lever’s Asian operations, has historically made more than $450 million of private equity investments in the conventional animal protein space.
“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 the preeminent deal flow across Asia, North America, Europe, and beyond, Lever VC is perfectly positioned to deliver value to investors looking for financial or strategic exposure to alternative protein and the broader impact investing market,” Chu said in a statement.
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