Australia claimed only $29 million of the $16.9 billion in global agtech deal activity in 2018. The founders of agtech startup consulting firm AgThentic want to fill Australia’s agtech capital gap with a new venture fund, Tenacious Ventures.
The fund has raised A$8 million each from Australia’s green bank, Clean Energy Finance Corporation, and Grok Ventures, the venture firm started by Mike Cannon-Brookes, the billionaire founder of software company Atlassian.
It aims to raise A$30 million in total to invest in early but potentially high-impact solutions cutting waste and boosting agricultural supply chain efficiency. It is zeroing in on technologies meant for farmers.