Nordic Foodtech VC Just Landed a Major Backer for Its $80M Fund

Jan de Vries · 2026-09-10

Finland's Nordic Foodtech VC has secured a commitment of up to €30 million (about $32.5 million) for its second fund from the European Investment Fund (EIF). That's a big deal for a sector that rarely makes headlines. The money will back early-stage AgriTech companies and push research into more sustainable, resilient food production. So what's the actual goal here? The fund is targeting €80 million (roughly $87 million) and plans to invest in around 30 companies, mostly across Northern Europe. The EIF's backing comes through the InvestEU equity product for climate and environmental solutions, plus support from the European Maritime, Fisheries and Aquaculture Fund for blue economy investments and EIB Risk Capital Resources. ### Why This Matters for Food Security Mika Kukkurainen, co-founder and managing partner at Nordic Foodtech VC, put it simply: "With EIF's support, we're growing our reach across all of Northern Europe. Our portfolio companies are building the DeepTech solutions Europe needs for food security, resilience and nutrition." He added that Europe has a unique opportunity and talent to lead in building the future for food and agriculture. That's not just VC speak. The funding comes amid a wave of activity in European agriculture, food, aquaculture and biosolutions. Recent rounds total about €95.7 million (around $103.7 million), including: - Up to €38.5 million ($41.7 million) for German land-based aquaculture company Oceanloop - €15 million ($16.3 million) for French biological crop-protection startup Agriodor - €9.7 million ($10.5 million) for Belgian crop-engineering company Rainbow Crops - €8 million ($8.7 million) for German FoodTech company Foodforecast - €6.3 million ($6.8 million) for climate-smart crop-breeding company Computomics And in Finland specifically, Avenue Biosciences raised €4.8 million ($5.2 million) in the protein-engineering BioTech sector. ### The Backstory: From First Close to Nearly Full Nordic Foodtech VC first closed €40 million (about $43.4 million) of this same €80 million fund back in June 2025. Now, with the EIF pledge, the fund is very close to its target size. That's a strong signal for other private investors to jump in. EIB Group Vice-President Karl Nehammer explained why this matters: "While Europe has excellent research in food and agriculture, promising technologies need capital and expertise to make the leap from the laboratory to the market. Our investment will help more young companies turn new ideas into businesses that strengthen food security, climate resilience and European competitiveness." ### What Exactly Does Nordic Foodtech VC Do? Founded in 2019, Nordic Foodtech VC is reportedly the first Nordic VC fund focused on practical solutions for agriculture and food. The firm manages two funds: a €42 million ($45.6 million) fund launched in 2020 and the second fund launched in 2025. They invest in pre-Seed and Seed-stage companies solving business-critical challenges—everything from farm to space, new protein sources to healthier eating habits. Initial investments go up to €2 million ($2.2 million), with reserves for follow-on investments. The team operates from Helsinki and Copenhagen, with a focus on research spin-outs in the Nordic and Baltic countries. Their first fund backed 18 companies across those regions. ### Where the Money Goes Next Fund II will focus on early-stage ventures—including university and research centre spin-outs—developing sustainable technologies for agriculture, food, health, aquaculture and the broader biosolutions industry. With the EIF's backing, Nordic Foodtech VC is now positioned to attract more private capital and get very close to that €80 million target. For anyone watching European startup incorporation and AgriTech, this is one to keep an eye on. It's not just about the money—it's about building the infrastructure for a more resilient food system, and Europe seems determined to lead that charge.