About Nordic Foodtech VC

• Founded: 2016

• Headquarters: Helsinki, Finland

• Strategy: Early-stage foodtech and agritech, Nordics and Europe

• Thesis: Invests in alternative protein, food production efficiency, and sustainable agriculture technologies addressing climate impact and food security

• Track record: Fund I raised €27m in 2018

• Leadership: Founded by Shen Lu and Henrik Francke

Fund II has raised at least €70m toward an €80m target, with backing from Elo Mutual Pension Insurance Company and Valio Pension Fund. The European Investment Fund committed €30m to the vehicle. The raise more than doubles the size of Nordic Foodtech's debut fund, which closed at €27m in 2018.

Pension fund participation in foodtech venture is worth watching. Elo and Valio—both Finnish institutional investors with long-term liabilities—are committing meaningful tickets to a strategy that sits well outside traditional pension allocations. Valio, the dairy cooperative's pension arm, backing a fund that includes alternative protein in its mandate signals pragmatism about sector disruption rather than defensiveness. The question is whether other European pensions follow, or whether this remains a Nordic institutional bet tied to regional food security priorities.

The Fund II sizing reveals something about deployment constraints at the seed and Series A stage. Nordic Foodtech's predecessor fund made roughly 20 investments over five years, averaging €1m–€2m initial checks. A €70m–€80m vehicle implies either larger checks into fewer companies or a broader European mandate beyond the Nordics. The firm has not disclosed whether team size scaled with fund size. If the partnership remains lean, watch for slower deployment relative to the 2018–2023 Fund I cycle—or for earlier exits to free up capital for follow-ons.

Source: Venture Capital Journal