Yield Lab Europe, the Irish-headquartered ag-tech accelerator, has announced a new €21m venture capital fund targeted at early stage ag-tech companies and startups.

This new venture capital fund for ag-tech companies will include an accelerator fund which invests €100,000 into five companies each year, along with a larger follow-on fund to lead rounds through to Series A funding for selected companies.

The €21m is backed by a €10m investment from Enterprise Ireland, €4m from AIB, and three leading private investors.

Originally founded in 2014, Yield Lab Europe has run its ag-tech accelerator programme over the past two years, through which it has invested in seven companies.

The companies Yield Lab Europe has invested in and accelerated to date are from many sectors, including: big data and precision agriculture (ApisProtect, Sencrop); alternative proteins (Hexafly); animal health and aquaculture (MicroSymbiotiX); soil health (Microgen Biotech); supply chain technologies (Impact Vision) and crop protection (Rootwave).

“The launch of this new fund is a testament to our success to date and the potential of this sector. It gives us the financial firepower to be a leading player in early-stage investment in European ag-tech,” said Paul Finnerty, chair of Yield Lab Europe.

“Over the past two years, we have invested in and supported seven highly innovative startups that are building international businesses of scale. Never before has the need for innovative technologies, to improve the sustainability and efficiency of how food is produced, been so acutely needed,” he said.