AgFunder VC closes Fund IV oversubscribed on $102m, reveals deep tech portfolio focus

AgFunder VC, the global deep tech venture capital firm investing in startups that can positively impact food and agriculture, and accelerate human progress, has closed its fourth early-stage fund on $102 million, surpassing its target. [Disclosure: AgFunder is AFN’s parent company.]

The successful close comes after months of upheaval for the venture capital industry globally that’s seen many startups and VC firms struggle amid the downturn.

“When we were told, ‘You can’t 5x the size of your last fund, you will fail,’ we took it as a challenge,” said Manuel Gonzalez, partner at AgFunder VC. “As if the challenge wasn’t tough enough, fate added war in Europe, soaring interest rates, and a banking crisis in Silicon Valley. It was an environment we did not expect, but we achieved what seemed impossible. Our VC platform is like no other, integrating AI, news, and an exceptional team to dive deeper into technologies that drive growth and human progress. That’s what we do at AgFunder VC.”

AgFunder Fund IV received investment from a range of global investors including family offices — such as GeoBlue AG and Nest — and institutions including Japan’s agricultural bank Norichukin Bank and Alexandria Real Estate.

The new fund is already over a third deployed and includes a global mix of startups with a deep tech focus – such as the no-code AI, self-driving labs platform Atinary that’s accelerating materials discovery by 100x, and the UK’s Nium, a nanotechnology company disrupting the Haber-Bosch process for ammonia production.

The portfolio also includes innovative food and drinks brands, high-growth marketplaces, and carbon removal businesses including California’s Rarebird, a jitter-free coffee brand, New York’s KEY, a long-lasting, natural energy drink from ketones, and Aquaconnect, an aquaculture tech and marketplace platform serving over 100,000 Indian farmers.

The news comes just weeks after AgFunder announced its takeover of the $100 million Blue Horizon Growth Fund, taking AgFunder’s total AUM to $300 million.