Key Takeaways:
- Tenacious Ventures secures $18 million for the first close of its second fund, targeting $50 million.
- Investors include high-profile figures like Tesla chair Robyn Denholm and RBA board member Carol Schwartz.
- The fund continues to focus on early-stage Australian agri-food startups with a positive climate impact.
- Notable previous investments include food waste recycler Goterra and carbon-neutral ammonia developer Jupiter Ionics.
- Co-founders emphasize the unrealized potential of Australian agtech recognized by international investors.
Tenacious Ventures, a specialist agtech venture capital firm, has garnered $18 million in commitments for the first close of its second fund, with a target of $50 million, as reported by Startup Daily. Noteworthy investors include Tesla chair Robyn Denholm and RBA board member Carol Schwartz.
Background and Previous Achievements
Founded in 2019 by Sarah Nolet and Matthew Pryor, Tenacious Ventures has rapidly established itself as a key player in the agtech investment landscape. The firm initially raised $35 million for its first fund in 2021, with significant backing from the Australian Government Clean Energy Finance Corporation and Grok Ventures. This initial fund has successfully invested over $23 million in agtech startups, which have subsequently attracted more than $240 million in follow-on capital.
Notable Investments
Among its notable investments are Goterra, a food waste recycling startup recently partnering with the City of Sydney to process residential food waste, and Jupiter Ionics, which is developing carbon-neutral “green” ammonia for agriculture. Additionally, Tenacious has supported the US-based carbon marketplace Nori.
Investor Support for Fund II
The second fund has seen robust support from a mix of US and Australian investors. Sarah Nolet highlighted the diverse investor base, which includes Schwartz’s Trawalla Group, Denholm’s Wollemi Capital Group, Macdoch Ventures, and Hutcheon and Pearce, one of Australia’s largest John Deere dealers. The fund also attracts contributions from technology executives, impact investors, and Australian primary producers.
Global Leadership and Impact
Matthew Pryor emphasized Australia’s leadership in agtech, often more recognized by international investors than domestic ones. He cited the firm’s investment in SwarmFarm Robotics as an example of their successful strategy.
