Israel-based agri and cleantech venture capital firm AquaAgro has launced its second fund targeting $100 million, with a hard-cap of $200 million.
AquaAgro Fund II will target growth-stage companies in the agriculture, irrigation and cleantech space, managing partner at Hillel Milo told Agri Investor. Milo said AquaAgro could also invest as much as 20 percent of Fund II in early-stage companies. Areas of interest include aquaculture and biotech, but opportunity will drive the firm’s investment decisions. “Any day of the week, opportunity beats strategy,” Milo said.
The firm also plans to launch an international intensive fish farming fund, A3F Aquaculture, according to its website.
AquaAgro’s fully invested $50 million Fund I, which was deployed predominantly in early-stage companies, has seen three exits. “We are very confident that the remaining five companies are going to exit one way or another,” Milo said. “Some [will be] home runs, some will be modest and some reasonable.”
Milo described “a reasonable exit” as a return of two to three times the invested amount, a “home run” to bring a multiple of more than six, and modest returns to break even.
The firm was formed in 2008 by Milo and Nir Belzer, with an “anchor group” of Gaon Agro Industries, AquAgro (Germany) and Ainsbury Properties.
The five remaining portfolio companies are TransBiodiesel, dried “raisin-tomato” company Tomaisins International, plankton-sized fish larvae food company ZoOpt, water treatment group Desalintech and “smart roots” developer Rootility.