EIF backs Nordic Foodtech VC with €30 million to push agrifood technologies from lab to market

The European Investment Fund has committed up to €30 million (US$35.4 million) to Nordic Foodtech VC’s second fund, giving the Finnish venture capital firm additional firepower to invest in early-stage agrifood technology companies across Europe.

The commitment to NFT.VC Fund II is backed by InvestEU and will support investments in pre-seed and seed-stage companies developing technologies across food, agriculture, health, aquaculture and the wider biosolutions sector.

• The EIF is committing up to €30 million (US$35.4 million) to Nordic Foodtech VC’s second fund, which has a target size of €80 million (US$94.4 million).
• NFT.VC Fund II plans to invest in around 30 early-stage companies, primarily in Northern Europe, including university and research center spin-outs.
• The fund will target technologies spanning agriculture, food, health, aquaculture and biosolutions, with initial investments of up to €2 million (US$2.4 million).

Helsinki-based Nordic Foodtech VC launched its second fund in 2025 and secured a first close of €40 million (US$47.2 million) in April that year. The EIF commitment takes the fund close to its €80 million (US$94.4 million) target and is expected to help attract further private investment.

The fund plans to build a portfolio of around 30 companies, with Northern Europe its primary hunting ground, although it will also consider opportunities elsewhere on the continent.

Its investment strategy addresses a familiar financing problem for science-led agrifood businesses: finding sufficient capital at the point when technology needs to leave the research environment and begin the journey toward commercial deployment.

“While Europe has excellent research in food and agriculture, promising technologies need capital and expertise to make the leap from the laboratory to the market,” said EIB Group Vice-President Karl Nehammer. “Our investment will help more young companies turn new ideas into businesses that strengthen food security, climate resilience and European competitiveness.”

NFT.VC Fund II will invest at the pre-seed and seed stages, including in spin-outs emerging from universities and research centers. Its remit covers sustainable technologies for agriculture and food alongside health, aquaculture and the broader biosolutions industry.

For the sustainable protein sector, that potentially brings a significant new pool of capital into an area where technologies often require substantial development before reaching commercial readiness.

Nordic Foodtech VC says it combines investment capital with scientific and industry expertise to support businesses through those early development stages. Its first fund, launched in 2020 with €42 million (US$49.6 million), has invested in 18 companies across the Nordic and Baltic regions.

The firm can make initial investments of up to €2 million (US$2.4 million), while reserving additional capital for follow-on rounds. Its team operates from Helsinki and Copenhagen, with a particular interest in research spin-outs from Nordic and Baltic institutions.

“With EIF's support, we're growing our reach across all of Northern Europe,” said Mika Kukkurainen, Co-founder & Managing Partner of Nordic Foodtech VC. “Our portfolio companies are building the deep-tech solutions Europe needs for food security, resilience and nutrition. We believe Europe has a unique opportunity and talent to lead in building the future for food and agriculture.”

The EIF commitment is supported through several European financing mechanisms. These include the InvestEU equity product for climate and environmental solutions, funding from the European Maritime, Fisheries and Aquaculture Fund for investments in the blue economy, and EIB Risk Capital Resources.

The majority of NFT.VC Fund II investments are expected to contribute to climate action and environmental sustainability objectives. The fund will also seek to support gender diversity.

Nordic Foodtech VC describes itself as the first Nordic venture capital fund dedicated to practical solutions for the agriculture and food industries. Its investment scope stretches from technologies used on farms to new protein sources and healthier food products.

The EIF, part of the European Investment Bank Group, specializes in improving access to finance for European startups and small and medium-sized businesses. It frequently acts as an anchor investor in venture capital funds, using public backing to help mobilize additional private investment.

The new commitment comes as European policymakers look to increase capital available to technology businesses at both the earliest stages of development and later stages of scale-up. For Nordic Foodtech VC, the EIF backing provides a substantial step toward completing Fund II and expanding the number of science-based agrifood companies it can support.

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