SVG Ventures Thrive is aiming to raise $75 million CAD for its third fund dedicated to supporting global agrifood startups developing sustainable solutions.

Called the “Pioneer Fund,” SVG Ventures Thrive plans to make initial investments in seed to Series A stage agrifood startups. Farm Credit Canada (FCC) has been confirmed as the lead investor in the fund, with participation from private family foundation Argosy Foundation.

FCC signed a three-year partnership with SVG Ventures in 2020 to bridge Silicon Valley to Canada’s agtech sector.

SVG Ventures Thrive has not disclosed the amount that has been raised as part of the $75 million CAD target.

Formed in 2010 and based in Silicon Valley, SVG Ventures touts a community of over 8,000 startups from 100 countries. It established its Canadian subsidiary, Thrive Canada (SVG Ventures Thrive), in Calgary in 2021. Backed by the Opportunity Calgary Investment Fund, Alberta Innovates, and the Alberta government, SVG Ventures Thrive supports early-stage Canadians startups from all areas of the food supply chain.

FCC and SVG Ventures Thrive have an existing relationship as the pair signed a three-year partnership in 2020 to bridge Silicon Valley’s network of investors and startups to Canada’s agtech sector. FCC is also the founding partner of Thrive Canada.

RELATED: SVG Ventures Thrive launches new agri-food tech pre-accelerator, venture studio

SVG Ventures Thrive claims it has invested in over 80 agrifood tech companies across the world, including Halifax startup Milk Moovement, which provides supply chain solutions for the dairy industry. SVG also noted that three portfolio companies of its previous funds have achieved exits, with the latest being Netherlands-based Serket B.V.

According to SVG Ventures Thrive, it will continue delivering its Thrive Canada Accelerator Program, which was established in partnership with Alberta Innovates. SVG Ventures Thrive also launched a pre-accelerator program funded by Alberta Innovates last year, with a $3 million contribution from Alberta Innovates and $700,000 from Prairies Economic Development Canada.

Last year, SVG Ventures also launched a venture studio, which focuses on forming new companies in response to what the organization calls “some of the most pressing issues across the agrifood value chain.”

The post SVG Ventures Thrive aims to raise $75 million CAD for third agrifood fund first appeared on BetaKit.

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