Why Toniic members invested in Oyster Bay Venture Capital Fund II
With $8 trillion USD in market value and 40% of the global workforce, the global agriculture and food industry encompasses a wide range of activities from farming, food production, and processing to distribution and retail. The sector accounts for 10% of global consumer spending. A significant portion of household budgets around the world is dedicated to food.
But our current food system is destroying our planet and killing us.
Agriculture and food production are major contributors to environmental change. Up to 37% of all human-caused greenhouse gas emissions are linked to food. Over 70% of global water use and 50% of habitable land is being used for agriculture.
The sector’s impact includes deforestation, methane emissions from livestock, and nitrous oxide from fertilizers. It is also the first sector to already feel the effects of climate change. Over 800m people worldwide are food insecure, while obesity rates are approaching double digits in most western nations.
Thus, the need to solve how a sustainable food system can work for future generations is key for our future as society.
The transition to a sustainable food system is urgent, important and technologically feasible. From bio-based solutions to automation and AI to robotics — we are seeing highly technical solutions to important problems being developed by great founders in Germany and Europe.
Despite the size and scope of the sector, European Venture Capital entered the Food & AgTech sector only within the last 8 years and in 2023, Food & AgTech only received 8% of all climate related startup funding.
Oyster Bay Venture Capital, Fund I and Fund II
Oyster Bay Venture Capital is a European early stage impact investor which aims to make a meaningful contribution to a positive future of our food system, by investing in the best impact driven founding teams across the food value chain from AgTech to waste.
Fund I currently stands at 0.95 DPI, showing that a venture capital portfolio in the food space can perform in the top 10% of European Venture Capital funds.
Oyster Bay invests at Seed and Series A stages. Their ideal investment case is to be the lead investor of a Seed round with an initial ticket of €1–4M and then follow-on as the lead investor of the Series A round.
Oyster Bay Venture Capital Fund I raised their first fund in 2018 and invested in companies such as:
- Oatly — oat based milk alternative (IPOed)
- AirUp — A drinking bottle enabling all people to drink more without additives, worldwide patent on retronasal taste (9 figure € revenue last year)
- TrueGum — Plastic free chewing gum (Exited)
- Stenon — Accurate soil analysis on site instantly
- LaVie — Plant based bacon based in Paris (grew from 0 to 8 figure € revenue this year)
Fund I currently stands at 0.95 DPI, showing that a venture capital portfolio in the food space can perform in the top 10% of European Venture Capital funds.
Oyster Bay recently launched their second fund, building on the success of Fund I. They have already deployed capital into two startups.
Oyster Bay Venture Capital Fund II Portfolio
Nukoko
Oyster Bay Venture Capital led the $1.5M seed funding of Nukoko, a UK based company manufacturing the World’s First Cocoa-Free Chocolate Made From Fava Beans, a sustainable alternative to cocoa. The chocolate industry is responsible for huge carbon emissions, deforestation and humanitarian issues. Due to climate change, cocoa has seen a supply deficit in recent years, causing prices to rise by a huge 89% in 2023 and double again in the first months of 2024.
Fava Beans grow locally in the UK and in Central Europe. Nukoko has a patented controlled fermentation process. Nukoko cocoa free chocolate is healthier and dramatically less impactful on the environment.
GoodBytz
GoodBytz is an automated kitchen that aims to make fresh, healthy food accessible to all. Shortage of skilled workers, high labor costs, and rising food prices put gastronomes under severe price pressure, demanding automated food preparation solutions.
GoodBytz brings high-quality food concepts to scale with ease and prioritizes hygiene in professional kitchens. The automation helps streamline and enhance existing gastronomy operations to make the chef’s job more creative and productive.
GoodBytz prioritizes sustainability by reducing power consumption and food waste. GoodBytz currently has 3 automated kitchens operational and will roll out 7 more until the end of this year.
Oyster Bay Venture Capital and Toniic
I have been looking into investing in the food and agriculture space for a while and am happy that I was able to invest in Oyster Bay’s second fund
Toniic has the privilege to have Koen van Seijen, Founder and Host of the Investing in Regenerative Agriculture podcast series, as part of our team.
Koen is one of the leading voices on food and agriculture in the impact investing space.
In addition to moderating the Toniic Regenerative Food and Agriculture working group, one of our most active thematic working groups which enable Toniic members to collaborate and sharing insights on investment strategies, dealflow and due diligence, Koen also frequently shares dealflow with Toniic.
It is via Koen that we got connected with the Oyster Bay Venture Capital team. We invited Oyster Bay Venture Capital Fund II to Toniic’s fund program, as we thought that their investment thesis, experience, track record and entrepreneurial approach to Venture Capital had the potential to generate interest within the Toniic community.
Through our fund program, we make information about selected impact funds easily digestible for our community of asset owners.
Oyster Bay Venture Capital Fund II generated interest from a few investors and ultimately, Toniic members Jochen Wezel and Sonja Collins decided to invest. They came in as LPs in Oyster Bay’s Fund II most recent closing.
Jochen Wezel:
“For our family office, we strive to realize only investments with impact. The “regulatory stamp” is not as important to us as the actual investments and the thoughts of the team!
With Oyster Bay, we have found an investment that invests in the equally important topic of “nutrition incl. its value chain”.
The experience that the team brings with it, but also the ability to reflect and the answers to critical questions have inspired us to invest. We are looking forward to a great “journey”° together.”
Sonja Collins:
“I have been looking into investing in the food and agriculture space for a while and am happy that I was able to invest in Oyster Bay’s second fund. Besides having a proven track record, which still is rare in the Impact VC space, they are very well connected within the food production industry. For their second fund I do see a clear commitment to invest in companies with even greater impact potential and to incorporate a clear impact framework.”
About Toniic:
Toniic is a global community of private asset owners seeking to steward wealth and use influence to enable a thriving world. Our members — more than 500 high net-wealth individuals, family offices and foundations from more than 25 countries — are active impact investors and philanthropists, for whom Toniic provides education, investment opportunities, impact support, events, and community. Toniic also seeks to build the field of deep impact investing, moving money and mindsets and leading by example.
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