Pontifax holds final close for $105m AgTech fund

The firm is headquartered in Santa Monica, California, but will invest in the food and agriculture sector globally.

The fund had a target of $100m and a hard-cap of $125m, unquote" understands.

The vehicle was launched in January 2016 and held a first close on $25m in March 2016. It held a second interim close in January 2017 between $50-60m, according to the source.

Pontifax said it wants to support innovation in the agricultural supply chain, which will be critical to support rising food demand as global population is projected to reach 10 billion by 2050.

The fund has already made one exit, selling robotic crop management company Blue River Technology to John Deere for $305m in September 2017.

The VC led Blue River's $17.5m series-B funding round in December 2015, with co-investment from Monsanto Growth Ventures, Syngenta Ventures, Khosla Ventures, Innovation Endeavors and Data Collective.

Cebile Capital acted as a placement agent for the fundraise.

Investors
The fund's investor base comprises financial institutions, university endowments, investment firms, large-scale growers and family offices.

Investments
Pontifax targets companies that improve productivity, sustainability and efficiency in the agricultural supply chain. It invests in revenue-generating businesses and has no geographical limitations.

The fund has made seven investments in five companies, including the exited Blue River Technology. The other companies are AgBiome, Conservis, Caribou Biosciences and Anuvia, all of which are headquartered in the US.

People
Pontifax AgTech Management – Ben Belldegrun, Phil Erlander (co-founders).

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