Key Takeaways
- Hort Innovation announces a $60M Venture Fund to back early-stage startups in horticulture.
- The initiative, in partnership with Artesian, focuses on boosting productivity, sustainability, consumption, and workforce development in the sector.
- The fund aims to address key challenges, including high production costs, labor shortages, and extreme weather impacts.
- This marks the first fund under Hort Innovation’s Frontiers Program, which plans to invest $500M over the next 10 years.
- Grower feedback will play a pivotal role in shaping the commercialization of funded solutions.
Amid challenging economic conditions and declining fruit and vegetable consumption, Hort Innovation, a grower-owned not-for-profit research and development organization, has unveiled a $60M Venture Fund to support early-stage startups in the horticulture industry. Partnering with Artesian, a leading alternative investment firm, the fund seeks to accelerate innovation and drive impactful change across the sector.
Targeting Key Challenges in Horticulture
Australia’s horticulture industry faces mounting pressures, including rising production costs, labor shortages, and extreme weather. Compounding these issues is an 8% drop in fruit and vegetable consumption recorded in 2023 compared to the previous year.
According to Brett Fifield, CEO of Hort Innovation, these challenges require bold and innovative solutions. “By investing in startups, we are enabling fresh ideas, never-before-seen technologies, and new ways of thinking to make growing easier, more sustainable and cost-effective, and lift consumption,” he said.
Venture Fund Focus Areas
The Hort Innovation Venture Fund will prioritize investments in:
- Productivity: Leveraging AI, automation, and satellite technology to improve decision-making and financial resilience.
- Sustainability: Enhancing water monitoring, reducing chemical use, and introducing sustainable practices for growers.
- Consumption: Developing nutrient-dense, long-lasting, and visually appealing produce to meet consumer demand.
- Workforce Development: Expanding career opportunities and upskilling workers in horticulture, with a focus on science and technology.
A Collaborative Approach
Jeremy Colless, CEO of Artesian, highlighted the significance of the partnership: “Delivering the world’s first horticulture-specific venture capital fund with Hort Innovation is a significant milestone. This approach will elevate productivity and innovation across the agriculture sector, fostering resilience and advancing Australia’s position as a leader in sustainable horticulture.”
Growers, such as macadamia producer Henrik Christiansen, welcomed the initiative, emphasizing its potential to provide actionable feedback on commercializing new solutions. “The Venture Fund partner model is a great initiative from a grower perspective because there will be a multiplier effect,” he noted.
