The increase includes a €10m commitment from the Dutch insurance company, a.s.r, which says that supporting biodiversity and protecting the environment is a crucial element in its sustainability strategy, resulting in substantial financial commitments to reduce carbon emissions, and to protect land and water resources.
“As one of the largest investors in Dutch agricultural land, working with a.s.r. will offer our portfolio companies a great link to the Dutch primary agricultural sector,” said Convent Capital’s principal, Bor Boer.
That AgriFood Growth Fund was launched in April 2022; its mission is to support companies that are committed to improving the sustainability and efficiency of the food system.
Phytogenic feed additive company, Animal Health Concepts (AHC), with operations in 20 countries, was the first beneficiary of that financing scheme.
Martijn Adorf, CEO of AHC, noted last year that the investment would provide it with both ‘smart money’ and sectoral expertise, allowing it to grow the business at an accelerated pace globally.
That feed additive firm's sustainability profile, the antibiotic reduction capabilities of its portfolio along with the plant-based nature of its products appealed to the investors, said Boer.
From a linear to a circular economy
Convent said it supports the transition from the current linear economy to a circular one; the fund’s team of sector experts said they will continue to identify and support businesses that have the potential to create both financial returns and a positive environmental benefit.
They will track a company's sustainability impact using the UN SDGs linked to climate and biodiversity as a reference point.
"We are looking for established companies that require growth capital to scale up their business (organically or through buy and build) and, alongside the capital, will leverage Convent’s investor experience shareholder and our global AgriFood network," Boer told us previously.