NRMA backs VC’s $50 million agritech fund

Motoring affiliation the NRMA is a cornerstone investor in a brand new agrifood tech fund backing startups centered feeding the world.

The sustainability-focused agriculture and meals expertise enterprise fund Mandalay Fund I by Mandalay Enterprise Companions now has greater than $21 million in commitments in the direction of its first shut, with an final goal of $50 million.

NOVONIX co-founder Phillip St Baker and PCS Capital CEO Angus Cameron have additionally dedicated investments

Mandalay Ventures managing companion Al Fullerton stated the fund will look to again early-stage and development startups in areas starting from from carbon sequestration, to on-farm efficiencies, provide chain automation, autonomous automobiles, future meals, eCommerce and eGrocery platforms.

“Our mission is to put money into agtech and meals tech corporations, which have the potential to sustainably and effectively feed the world’s rising inhabitants,” he stated.

“Australia’s agricultural trade is predicted to exceed $100 billion in worth by 2030 and important funding in innovation, expertise and effectivity is required for Australians to sustainably lead this market.”

Fullerton stated Environmental, Social, and Governance (ESG) and sustainability will sit on the Mandalay’s funding thesis and agenda.

“That is an space that’s not solely desperately wanted to safe the way forward for our meals provide, however it’s extremely relatable. All of us eat. All of us get it,” he stated.

“Australians are famend for agriculture and innovation so it’s a sector that we’re snug with. The truth that such a big and well-respected Australian establishment like NRMA has come out of the gate so early to again us, drives dwelling the necessity and confidence on this rising sector.”

NRMA head of investments Ainsley Lee they had been impressed by the observe document of the administration crew and their method to getting closely concerned with and supporting the portfolio corporations.

“Extra broadly, we’re extremely centered on investing in areas of affect whereas serving to to handle sustainability, particularly if we are able to assist regional and rural elements of Australia,” he stated.

The Mandalay crew has collectively been concerned in backing over 50 early-stage investments together with TrademarkVision and non-alcoholic spirits firm Lyre’s, in addition to managing a number of early-stage funds. Mark Gustowski, Philippe Ceulen and Timothy Hui managed exterior startup investments for the Queensland College of Expertise earlier than becoming a member of forces with Fullerton to determine Mandalay.