As the Australian horticulture industry faces unprecedented challenges – high production costs, labour issues, extreme weather impacts, to name a few – Hort Innovation has announced it will activate $60M of investment into early-stage startups to drive industry innovation.
Through a partnership with Artesian, a leading alternative and impact investing firm, the new Hort Innovation Venture Fund will back promising startups whose concepts and prototypes have the potential to make a tangible impact for industry.
Hort Innovation CEO Brett Fifield said that now more than ever, it is important to improve productivity and elevate the profile and accessibility of Australian-grown products, both locally and worldwide.
“To address the current challenges head on, Hort Innovation has partnered with Artesian to build bigger, bolder investments in innovation and create a flexible investment framework to accelerate research and development.
“By investing in startups, we are enabling fresh ideas, never-before-seen technologies and new ways of thinking, to make growing easier, more sustainable and cost-effective.”
Hort Innovation Venture Fund focus areas include:
Increasing productivity: Helping Australian growers become more adaptable, resilient and financially sustainable. For example, the use of AI to predict what to do and when to do it, new automation options or the use of satellite technology to guide decision-making.
Sustainability: New innovations Australian growers can employ. For example, enhancing monitoring capabilities to optimise water use, and viable options to reduce chemical use.
Consumption: Driving demand, meeting changing consumer preferences and encouraging healthy living. For example, naturally breeding produce that is nutrient dense, with a long shelf life, while being aesthetically pleasing.
Workforce: Opportunities to upskill existing industry participants and expand local career opportunities in horticulture, particularly in the science and technology arenas.
Program partner Artesian currently has more than $1.2 billion in assets under management, including through technology and venture capital investments across the energy transformation, agrifood and natural capital, healthcare and emerging technology segments.
Artesian CEO Jeremy Colless said the partnership with Hort Innovation delivers the world’s first horticulture-specific venture capital fund.
“Delivering with Hort Innovation is a significant milestone and an example of how Artesian works with leading industry, corporate, government and institutional investors to develop tailor made solutions that address innovation challenges,” he said.
“The approach the Hort Innovation Venture Fund is taking is proven, and well suited to address the needs of Australia’s horticulture production industry.”
The Hort Innovation Venture Fund is the first new fund to be rolled out through Hort Innovation Frontiers. Launched in June, the dedicated co-investment program will invest up to $500M over the next 10 years to seize opportunities and develop solutions to horticulture’s major challenges.
You can find out more about the Frontiers program here and the Venture Fund here.
