Malta-based venture capital fund Peakbridge and EIT Food has launched FoodSparks, a €30 million agri-food-tech seed fund.

The FoodSparks fund will invest in pan-European seed and early-stage start-ups, offering access to strategic capital and support to scale up. Thereby it will address food production, supply, and sustainability issues, PeakBridge announced.

The fund is expected to provide up to €30 million over the course of four years, with the stated aim of investing in 10 startups per year.

PeakBridge managing partner Erich Sieber commented: “In addition to privileged access to deal flow, due diligence, and business development, the collaboration between EIT Food and FoodSparks by PeakBridge will offer our portfolio companies direct access to the EIT Food network, thus creating significant additional value in addition to our investment”.

The recipient countries will be domiciled in Europe/EFTA and Israel, have protectable and scalable technology, and align with EIT Food’s objective of making the food system more sustainable, healthy and trusted.

“By working with PeakBridge and its venture capital resources, we can offer entrepreneurs and start-ups across Europe the chance to realize their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste,” EIT Food CEO Andy Zynga added.

EIT Food describes itself as Europe’s leading food innovation initiative, intending to create a sustainable and future-proof food sector. It comprises a consortium of key industry players, start-ups, research centres and universities from across Europe. 

The FoodSparks fund will be managed by PeakBridge Managing Partner, Yoni Glickman. Its investors include Ordway Selections, CPT Capital, Givaudan, Puraot and Gullspång Re:food.