Asset management firm PeakBridge Partners has hired food investment veteran Peter Kruger to manage the EIT FoodSparks seed fund in collaboration with EIT Food. The fund will invest in early stage agrifood tech startups in Europe.
EIT Food-is an EU-backed consortium of industry players, startups, research centres and universities from across Europe tasked with fostering innovation in Europe.
Kruger has over 25 years of experience in venture capital, most recently leading the Startupbootcamp FoodTech accelerator. In a statement, Kruger said he aims to fill the gap that exists in the European agrifood tech ecosystem for seed stage deals.
EIT FoodSparks seed fund is targeting around $10 million to start and has commitments from some EIT Food members.
“We are delighted to have Peter on board for this venture,” said PeakBridge Partners cofounder and CEO Erich Sieber at the Seeds & Chips Food Innovation Summit in Milan where the announcement was made this morning. “Peter has a fantastic track record bringing Food Tech startups to growth stage, EIT FoodSparks couldn’t be in better hands.”
“PeakBridge has built an A-team for investment in food tech,” added Andy Zynga, CEO of EIT Food. “The future of food tech starts here.”
PeakBridge was founded in 2017 by Sieber and Nadav Berger, two senior executives with extensive knowledge and experience in food tech and is the only fund manager to be a member of EIT Food.
EIT Food is one of six Knowledge and Innovation Communities (KIC) established by the European Institute for Innovation & Technology (EIT), an independent EU body set up in 2008 to promote innovation and entrepreneurship across Europe. EIT Food aims to collaborate closely with consumers to develop new knowledge and technology-based products and services that will ultimately deliver a healthier and more sustainable lifestyle for all European citizens.