ImpactAlpha, November 10 – Bits x Bites has reached a $30 million first close for a new fund that will invest in technologies to help China boost food production and health while reducing its environmental footprint.
“With African swine flu, COVID, and uncertain trade relations, nothing else is more urgent in China today than growing the self-sufficiency and sustainability in food production,” said Bits x Bites’ Matilda Ho.
The Shanghai-based investment fund is targeting homegrown and foreign companies developing agri-inputs, bio-manufactured food ingredients, and farm automation. The fund’s first investment is Mojia Bio, a sustainable ingredients manufacturer based in Hangzhou. Bits x Bites has also re-upped commitments to U.K.-based gene editing tech venture Tropic Biosciences and Israeli plant-based protein startup InnovoPro.
The fund is backed by Singapore’s Temasek and Heritas Capital Management, along with Henry Soesanto, CEO of food company Monde Nissin, and food conglomerates and family offices in China and Southeast Asia.
Bits x Bites is looking to raise $70 million.