Parisian food tech-focused venture fund Five Seasons Ventures has announced a reloading of the salt and pepper shakers at €180 million. Carrying on with the initial thesis, Five Seasons will continue making Series A and B round investments in European food tech startups.
The premise behind Five Seasons is simple: to prove that food tech has just the same, if not more, potential for astounding growth, and presumably return on investment. And not just any old growth, Five Seasons is aiming at companies that achieve hyper status, that is, those that reach €100 million in revenues in four years.
With this in mind, the firms’ portfolio is on track to reach a combined revenue of €350 million this year, a number that reflects a 20x growth since 2017, at a time when half of the startups didn’t even exist. A shining plume in Five Seasons cap, Air Up achieved a revenue run rate of €100 million in less than two years.
The timing for a second fund couldn’t be better, with over €3 billion invested into European food tech companies in 2020 alone. And yes, addressing the elephant in the room, the pandemic greatly accelerated the demand for e-grocery deliveries and direct-to-consumer food brands, as well as a fundamental shift in consumer attitudes towards the health and nutritional value of said digestibles.
“Food and Food Tech have the possibility to affect two of the most pressing issues of our time - climate change and human health,” comments Five Seasons’ Niccolò Manzoni. “With this new fund, we continue to focus our attention on food companies that make healthier and cleaner products, that are manufactured and packaged more sustainably, with shorter supply chains and fewer emissions.”
The firm has already made four investments via the new fund: female wellness supplements startup her1, plant-based milk alternative vly, one of the hottest topics on tech.eu right meow, subscription-based dog food provider Barkyn, and healthy snack maker The Nu Company.
Overall, Five Seasons has peppered 14 companies across Germany, France, Italy, Portugal, Switzerland, and the UK.