LEVER VC FUND I announces first close as $23M, debuts portfolio of 10 alternative protein startups
Lever VC, an early stage alternative protein investor, announced the completion of a first close for Lever VC Fund I at $23 million.
Partners Nick Cooney and Lawrence Chu have been investing in the alternative protein space since 2015, and have venture partners in the U.S., UK, France, Israel, India, Hong Kong, mainland China, and Singapore. With this experience and network behind them, the team has built out a portfolio that currently stands at 10 cutting-edge, global alternative protein investments across the U.S. Asia, and Europe.
“We decided to invest in alternative protein in 2018, and started approaching a few VCs,” said Benny Pei, Lever VC Partner and CIO of Lever VC GP DFP Capital. “We were most impressed with the Lever VC founders’ long investment experience and track record in this exciting field, so we joined them to start strategically deploying assets in this fast-growing global sector.”
By 2050, the dietary needs of more than 10 billion people will have to be met – and met in ways that are sustainable, reduce climate change, and mitigate environmental challenges.
Alternative protein sources have been increasingly on the radar of both consumers and investors. Global protein consumption is expected to climb at a CAGR of 1.7 percent, reaching 943 million tons by 2054, according to Lux Research. Over this same time period, alternative protein sources are forecast to command up to a third of the protein market as they fill the void created by slowing growth in meat and seafood production as consumers become more engaged with their food supply chains.
Aug. 28, 2020