06 December 2023

Rockstart launches second AgriFood Fund with EIFO investment

EIFO Invests one more time in Rockstart - in their second Agrifood fund

Rockstart, global early-stage accelerator-VC, announces the launch of its second AgriFood fund. The new fund furthers the firm’s purpose to fund the transformation to a regenerative and sustainable future. Rockstart reinforces its commitment as the initial impact investor for early-stage startups with AgriFood Fund II, demonstrating its long-term dedication and support. The fund targets a final close at €50m and plans to invest in up to 50 startups within the coming 5 years. The fund is backed by The Export and Investment Fund of Denmark (EIFO), De Hoge Dennen, and Danish Agro, amongst other new and existing backers.

Rockstart AgriFood Fund II marks Rockstart's fourth fund, following launches in AgriFood (2019), Energy (2020), and Emerging Tech (2022). Rockstart AgriFood Fund II will continue to fund early stage purpose-driven founders scaling impactful solutions by leveraging emerging technologies and new business models that improve our food supply system from soil and ocean to gut.

This fund is actively seeking investments in regenerative solutions that restore our soils and oceans to become CO2 capture powerhouses, in responsible and circular innovations that create value from wasted food while reducing food loss, and in quantifiable solutions and tools that provide consumers with better access to nutritious food that tastes good and does good.

Selected startups receive an initial investment and gain access to Rockstart’s tailor-made AgriFood accelerator program, running biannually throughout spring and autumn. The customized program prepares startups for their next growth stages and helps them make a positive impact in the long term. The program includes custom early stage sessions on fundraising, scaling, and ESG data collection and reporting, among other valuable resources preparing the founders to maximize their impact. Rockstart AgriFood Fund II will follow-on invest into its portfolio companies, aligning with the market up to series B.

"We are on a mission to empower purpose-driven founders on a global scale. Guiding startups through scaling and offering access to capital, especially in challenging markets, remains fundamental to our founder-focused ethos. We're excited about our ongoing collaborations with partners, mentors, and stakeholders, forging impactful alliances that drive positive change across diverse domains." stated Rune Theill, CEO and Co-Founder, Rockstart

Rockstart AgriFood is an important investor in our ecosystem
— Lars Nordal Jensen, Head og Fund Investments at EIFO

"Since 2017, we've been committed to championing a regenerative and sustainable food system, investing in 50+ startups. With the launch of our new fund, we continue this mission by investing in early stage agrifood startups, aligning with EU climate and ESG targets to build a better future. We appreciate the unwavering support shown by existing and new LPs. The trust from organizations like EIFO, De Hoge Dennen, and Danish Agro makes us more determined than ever to continue enabling progress within the sector." commented Mark Durno, Managing Partner AgriFood, Rockstart

"When we invested in Rockstart AgriFoods' first fund, we were part of attracting an experienced and competent accelerator manager to Denmark. Rockstart AgriFood is an important investor in our ecosystem, thanks to their specialization and early-stage focus, which can contribute to the development of the agrifood market from the ground up. The fact that Danish Agro is now also joining the investor circle is seen as a further strengthening of the fund's Danish footprint, and we at EIFO are pleased that we can continue our partnership with Rockstart AgriFood as investors in Fund II," also stated Lars Nordal Jensen, Head of Fund Investments, EIFO

"At Danish Agro, we have an ambitious goal of making agricultural production climate neutral by 2050 and at the same time economically sustainable for farmers. This target requires collaboration and innovation throughout the value chain, and for a number of years, we have successfully partnered with various startups. This gives us access to new technologies, knowledge, and inspiration, and therefore we see great perspectives in participating in Rockstart's AgriFood Fund II. We know Rockstart from our joint ownership in Cordulus, and we are very much looking forward to expanding the collaboration." commented Henning Haahr, Group CEO, Danish Agro