Maia Ventures Launches €55 Million Impact Fund to Transform the Agrifood Sector
Italy-based impact fund Maia Ventures has officially launched its inaugural fund, amassing €55 million (approximately $64 million) to support early-stage ventures in the food and agriculture sectors. The focus is on addressing critical issues related to health, resilience, and efficiency within the food system.
Fund Operations and Investments
The fund is already operational, having made six investments thus far. Founding partners David Bassani and Andrea Galassi outline the fund’s primary focus areas, which include health, efficiency, and resilience—domains that not only align with social impact but also have corporate significance in advancing the agrifood industry.
Health: Enhancing Agrifood Practices
Health is a significant investment area, with initiatives aimed at fostering a healthier agrifood industry. Galassi states, “Think about aspects like gut health, sugar reduction, and weight management.” Among its investments is Lembas, which has developed a peptide to enhance GLP-1 response, and Cappellini, a maker of ready-to-eat plant-based products. Additionally, Maia has invested in Exolab—known for creating plant-derived ingredients for cosmetic products and supplements.
Efficiency: Transforming Agricultural Output
The fund emphasizes efficiency through digitization, AI, and solutions aimed at minimizing waste in agriculture. “We focus on having either more output with the same input or less input for the same output,” Galassi notes. Portfolio companies like GenoGra, a genomic analysis platform, and Biorsaf, which provides food safety compliance software, exemplify this commitment.
Resilience: Building a Sustainable Food Sector
In terms of resilience, the fund backs alternative ingredients startups such as Foreverland, which offers a carob-based chocolate product aimed at enhancing sustainability within the food sector. The fund’s initial ticket sizes range from €0.5 to 1.5 million, with plans to support 20 to 25 companies.
Investor Landscape and Strategic Approach
Maia Ventures’ limited partner base includes prestigious institutional investors like the European Investment Fund (EIF) and CDP Venture Capital Sgr, along with private investors from leading Italian food corporates. Bassani emphasized a strategic approach, avoiding “tourist investors”—those with superficial knowledge of the agrifood sector—in favor of institutions and family offices that genuinely understand industry challenges.
Fundraising Challenges and Opportunities
Despite a tough fundraising environment, Bassani expresses optimism: “We’re in a privileged position to invest in problems that matter.” Claudia Pingue from CDP Venture Capital highlighted the team’s expertise in connecting Italy’s renowned food sector with innovative agrifood technology.
Due Diligence: A Two-Fold Approach
In an evolving landscape of agrifoodtech funding, Galassi notes a decline due to unrealistic expectations among investors and startups. He stresses the need for investment in biotechnology disruption while ensuring healthy financial returns. Bassani adds a commitment to rigorous due diligence: “We conduct detailed investigations, knowing this is science. To succeed, you need to delve deep.”
