- Agtech VC fund Tenacious Ventures secures $18 million in first close for Fund II
- Fund II aims for $50 million target, focusing on early stage Australian agri-food startups with climate impact
- Founders Sarah Nolet and Matthew Pryor attracted support from notable investors like Robyn Denholm and Carol Schwartz
- First fund attracted $35 million in commitments, including backing from Australian Government and Grok Ventures
- Tenacious Ventures has invested in successful startups like Goterra and Jupiter Ionics, attracting significant follow-on capital
Agtech VC Fund Tenacious Ventures Raises $18 Million in First Close for Fund II
Agtech VC Tenacious Ventures has made waves in the Australian startup and scaleup community by securing an impressive $18 million in commitments for the first close of its second fund, Fund II. This specialist venture capital firm, founded by Sarah Nolet and Matthew Pryor, has attracted support from notable investors such as Tesla chair Robyn Denholm and RBA board member Carol Schwartz. The fund has a target of $50 million and will continue to focus on early-stage Australian startups in the agri-food sector with a positive climate impact.
Tenacious Ventures: A Beacon for Agtech Innovation
Sarah Nolet, a Silicon Valley native with an MIT engineering background, and Matthew Pryor, an Australian tech-turned-agtech entrepreneur, founded Tenacious Ventures in 2019. Drawing from their global experiences, the duo planted $35 million in commitments for their first fund in 2021, with support from investors like the Australian Government Clean Energy Finance Corporation and Grok Ventures.
Tenacious Ventures has already made significant investments in the agtech space, with more than $23 million deployed into startups that have gone on to attract over $240 million in follow-on capital. Notable investments include Goterra, a food waste recycling startup that recently partnered with the City of Sydney, and Jupiter Ionics, focused on developing carbon-neutral ammonia for agriculture. Their diverse portfolio also includes US-based carbon marketplace Nori.
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Investor Support and Industry Recognition
The success of Tenacious Ventures in raising funds for their second fund has been attributed to the support from both US and Australian investors. Notable backers include Trawalla Group, Wollemi Capital Group, Macdoch Ventures, and Hutcheon and Pearce, among others. The firm has also garnered support from exited founders, technology executives, impact investors, and Australian primary producers across various sectors.
Sarah Nolet highlighted the positive feedback received from investors, particularly those from the US, who recognize Australia’s untapped potential in agtech. She emphasized Tenacious Ventures’ differentiated portfolio, extensive agtech experience, global presence, and strong track record in post-investment support as key factors driving investor interest.
Matthew Pryor pointed to Tenacious Ventures’ investment in SwarmFarm Robotics in 2020 as a testament to their ability to identify and support promising agtech ventures. Despite Australia’s established reputation in agtech on the global stage, Pryor noted that this is often more acknowledged by overseas investors than by local counterparts. The firm’s commitment to fostering innovation and sustainable practices in the agrifood sector has garnered praise from industry leaders and investors alike.
Unlocking the Potential of Agri-Food Innovation
Sarah Nolet emphasized the vast potential in the agri-food sector, underscoring the importance of deep sector expertise in driving innovation. She explained that Tenacious Ventures was founded with the aim of leveraging specialized knowledge to lead investments, attract additional funding, and provide founders with the support needed to drive climate-smart innovation. By collaborating with Australian agri-food tech innovators, the firm aims to accelerate the transition to a carbon-neutral and climate-resilient future.
Tenacious Ventures’ successful fundraising for Fund II and their commitment to supporting and nurturing agtech startups highlight the significant opportunities present in the Australian agri-food sector. With a strong investor backing and a proven track record in identifying and supporting innovative ventures, the firm is well-positioned to drive positive changes that benefit both communities and ecosystems for generations to come.
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