Calgary-based Avrio Capital, which invests in innovative food and agriculture companies, announced that it has closed its largest late-stage venture fund to date. Avrio’s Fund III has total commitments approaching $110 million.
“The adoption of technology along the agricultural value chain is occurring at an unprecedented pace,” said Aki Georgacacos, co-Founder and managing partner of Avrio. “Food security, wellness, sustainability and the digitization of the farm are just a few of the macro themes creating a new class of ag-tech companies that are redefining the ways in which we feed the world.”
In the past, the firm has invested in companies like Brookside, and Wolf Trax Inc., which were both selected as the Canadian Venture Capital Association’s Deal of the Year for generating outstanding investment returns.
New investors to Fund III include HarbourVest Canada Growth Fund L.P., HarbourVest Canada Parallel Growth Fund L.P. and Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi, and family offices. BDC Capital was one of the lead investors in Fund III.
“We are very pleased to be one of the lead investors in this closing of Fund III,” said Victor Scutaru, Director of fund investments at BDC Capital. “As one of Canada’s very few nationally focused venture capital investors, BDC Capital is very active in supporting the emergence of world-class fund managers such as Avrio, helping them achieve the scale they need to support successful companies and deliver world-class returns in Canada.”
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