ImpactAlpha, June 28 – Joyful Ventures has raised $23 million of a targeted $25 million to invest in technologies that it believes will direct “the $1.5 trillion global animal protein industry towards sustainable, regenerative food solutions.”
The LA-based firm’s first investments include New School Foods, a Toronto-based company making “whole cuts” of alternative seafoods from plants, and lab-grown meat company Orbillion Bio.
Joyful is leaning into companies making products and ingredients for other food and beverage companies or retailers.
The firm is a rare women- and LGBTQ-led venture capital firm in the male-dominant VC and agrifood sectors. It was founded by Milo Runkle, former founder of Mercy For Animals, New Crop Capital and The Good Food Institute; tech industry veteran Jennifer Stojkovic; and entrepreneur and startup investor Blaine Vess.
Also this week: Women-led Supply Chain Ventures in LA scored backing for its sustainable food VC fund that focuses on women and diverse entrepreneurs.
Market dynamics
Alt-proteins and meat alternatives remain among the hottest investment opportunities for agrifood VCs, despite a shakeout among plant-based producers. Lab-grown meats, which are cultivated from animal cells, reached a major milestone last week when the US Food and Drug Administration approved two companies’ lab-grown chicken products, the first cultivated meat to be approved for sale to consumers.
