Finnish Nordic Foodtech VC Secures €40M To Back Food And AgriTech Startups

The fund is backed by key institutional investors like Tesi and Elo Mutual Pension Insurance Company, along with food industry players such as Valio Pension Fund and Heino Group.

“Being able to raise funds in the current complex market is not an easy feat. However, it’s clear to us and our investors that the current global food system is largely inefficient and not adequate to meet the needs of the planet or its people. As a specialist investor, we’re here to back the startups turning breakthrough science and solutions into real-world food system impact and solid returns. Food security, health and nutrition, and sustainable food systems will be catalysts for this sector,” says Louise Heiberg, Partner at Nordic Foodtech VC.

The firm invests in pre-Seed and Seed-stage startups tackling critical challenges across the entire food system — from soil to space, and from alternative proteins to healthier eating habits. Initial investments range from a few hundred thousand euros up to €2 million, with reserves for follow-on funding.

“New technologies contribute significantly to sustainable food production. Nordic Foodtech VC is a unique player in the FoodTech sector in the Nordics with excellent prospects for growth. The team has strong expertise both in research, and in the commercialisation of innovations. Nordic Foodtech VC is therefore an excellent source of venture capital for early FoodTech companies, also in Finland,” explains Peter Platan, Investment Director in Tesi’s Fund Investments team.

Nordic Foodtech VC’s first fund backed 18 startups across the Nordics and Baltics, including Enifer, Kuva Space, Chromologics, Evodia, ÄIO, Melt&Marble, and Ironic Biotech.

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These companies are working on key food system challenges—like producing affordable proteins, functional fats, natural food colors and aromas, recycling waste into fertilizers, and using satellite imaging to gather environmental insights.

Despite a slowdown in VC activity in the food sector, the firm remains confident in the long-term demand for innovation. Its strategy focuses on investing in startups solving critical, industry-driven problems.

With limited early-stage funding available for research spinouts, Nordic Foodtech VC fills an essential gap to help science-based startups commercialize and scale.

“We invest in planet-sized business opportunities in bite-sized chunks. With our whole team’s experience and expertise in investing in this sector, we are able to spot early on the startups that are solving tangible enough problems to generate good returns within a fund cycle. We are excited to continue supporting both existing and new portfolio companies in their growth paths that all together build towards a food system that fits in the planetary boundaries,” concludes Lauri Reuter, Partner at Nordic Foodtech VC.

With the second fund's first close at €40 million, Nordic Foodtech VC has doubled its total capital under management. Fundraising will continue toward the final goal of €80 million.

About Nordic Foodtech VC

Founded in 2019, Nordic Foodtech VC is the first Nordic venture fund focused on practical solutions for agriculture and the food industry. It manages two funds: a €42 million fund launched in 2020 and a second fund launched in 2025, aligned with SFDR Article 8 sustainability standards.