Luxembourg/Brussels/Amsterdam, 22 December 2023
- With a financial injection from the European Investment Fund, Dutch AgriFood growth fund Convent Capital reaches third close of €138 million only 18 months after its first close.
- The EIF’s commitment is backed by the European Commission under its InvestEU initiative.
- This is the first time the EIF supports an AgriFood fund focused on growth-stage companies. The fund will have a partial focus on the blue economy.
Amsterdam-based AgriFood growth fund Convent Capital has secured a €35 million commitment from the European Investment Fund (EIF). With the financial injection, the fund reaches a third close at €138 million, only 18 months after its first close at €50 million. The EIF transaction is made possible with the support of the InvestEU programme, which aims to mobilise over €372 billion in additional investment for EU policy priorities over the period 2021-2027.
Convent Capital focuses on investing in innovative and sustainable food and agriculture businesses across Europe. The fund’s mission is to generate both financial returns and positive environmental impact, by supporting companies that are committed to improving the sustainability and efficiency of the food system. About 20% of the Fund will be invested within the blue economy with a focus on improved local marine biodiversity, ecosystem resilience, and avoidance of freshwater fishing through the production of alternative fish feed.
“We are thrilled to welcome European Investment Fund to our circle of investors to support the growth of our Food and Agri Impact Fund.” said Convent Capital’s Principal Reynier Arendsen de Wolff. “We believe that sustainable food and agriculture are critical to the future of our planet and we are proud to have the support of European Investment Fund. We believe their ticket again confirms our commitment to invest in companies that can make a difference and contribute to a more sustainable Ag & Food environment.”
The Fund has already made several investments in companies that are working to transform the food and agricultural sector, including phytogenic feed additive company AHC and biobased chemical company Chaincraft. The third and latest investment of the fund was as a lead investor in the $43 million round of the world’s leading precision pollination company BeeHero. The Fund’s team of experienced investors and sector experts will continue to identify and support businesses that have the potential to create both financial returns and a positive impact.
“This investment marks the first time the EIF invests in a growth-stage AgriFood fund.” says Marjut Falkstedt, Chief Executive of the European Investment Fund. “The AgriFood sector is a critical part of our efforts to achieve greater sustainability and innovation is key in shaping its future. The EIF has an important role to play in supporting innovative European businesses on a growth trajectory, making sure that they can get the support they need to be able to grow and flourish right here in Europe, and thus contribute to a more sustainable future.”
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. With the InvestEU mandate, European institutions – led by European Commission and EIB Group – aim to mobilise more than EUR 372 billion of public and private investments to finance sustainable investment, innovation and job creation throughout Europe over the period 2021-2027.
Founded in 2011, Convent Capital is an independent asset manager based in the Netherlands. With two funds, it focuses on growth and buy out propositions in predominantly Europe. Since its early beginnings, Convent Capital has had a strong focus on sustainability and a dedication to the transition from the current linear economy to a circular economy. Its long-term strategy creates sustainable, high returns for its stakeholders.
EIB Group: Tim Smit | +352 691 28 64 23 | firstname.lastname@example.org
European Commission: Flora Matthaes | Tel.:+32 229 83951 | email@example.com
Convent Capital: Reynier Arendsen de Wolff | +31 (0)6 36 033 697 | firstname.lastname@example.org