Fundraising

Chief executive Jake Joraanstad says Bushel does not want to be a 'software company that’s owned by an ag company' and is plotting a path to becoming an independent software player.

Our first fundraising report for agrifood and forestry vehicles paints a bleak picture but the outlook for H2 and beyond shows signs of promise.

H1 2023 fundraising for agrifood and forestry funds dropped to $1.4bn, which is the lowest half-year figure since H1 2011.

Co-founder Daan Luining says the cultivated sausage and pork start-up wants to attract additional investors including strategics and plans to keep the round open through the end of the year.

The firm wants to build up to a portfolio worth £100m and is targeting a 10-12% IRR.

Deployment in PE halved year-on-year to $3bn in Q2 2023, while dry powder across strategies stood at $100bn, according to the firm's second-quarter earnings.

Aqua Capital's acquisition of Colorado-headquartered Novus will also allow the firm to get sustainable practices and technology in front of a wider range of farmers.

The vehicle has made five investments to date and plans to build out a portfolio of 20-25 companies all geared towards supporting ocean health.

Managing partner Rich Gammill says an opportunity to provide unitranche credit facilities to sponsor-backed food and beverage brands has been created by traditional banks' retreat.

The firm will invest in early-stage start-ups in Israel and Europe.