Mandalay on the road to first agrifood venture fund

A new agrifood technology venture capitalist is on track to raise $50 million to back the development of novel food products as well as automation in growing and production.

Mandalay Venture Partners has more than $21 million in commitments towards closing its first fund with motoring organisation NRMA and leading technology players among investors.

Mandalay Fund I will back early-stage and start-up companies involved in carbon sequestration, on-farm efficiencies, supply chain automation, autonomous vehicles, future foods, e-commerce and e-grocery platforms, according to media reports.

According to the company: “Mandalay Venture Partners invests in companies that provide high potential for impact, sustainability, and capital returns across the agricultural, supply chain and the wider food value-add sectors.

“We are deeply passionate about early stage innovation and are on a bigger mission to contribute to global food security and sustainability.”

Significant investment in innovation, technology and efficiency is required for Australia’s agricultural industry to reach its potential of $100 billion in value by 2030, said Mandalay managing director Al Fullerton.

“Australians are renowned for agriculture and innovation so it is a sector that we’re comfortable with.

“The fact that such a large and well-respected Australian institution like NRMA has come out of the gate so early to back us, drives home the need and confidence in this growing sector.”

Mandalay Fund I will leverage Commonwealth and state investments in agtech hubs, smart farms and research centres.

Pictures: Mandalay Venture Partners

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