Joyful Ventures raises US$23 million for alternative protein investments

Joyful Ventures, a pre-seed and seed stage venture capital fund focused on investing in climate solutions through sustainable protein and food technology, has raised US$23 million of its US$25 million fund.

The fund is aimed at propelling the sustainable protein sector and reimagining the animal protein industry toward sustainable, regenerative food solutions, according to the company. Target technologies include plant-based, precision fermentation, mycoproteins, molecular agriculture, and cultivated technologies.

“This new chapter marks the beginning of a more humane and sustainable future for all,” said Jennifer Stojkovic, Co-founder & General Partner at Joyful Ventures. “The more we can invest in the future of food and support the development, production, and distribution of sustainable, scalable proteins that outcompete animal-based products on cost, taste, and convenience, the more likely our food system is to adopt it.”

With the help from the recent funding, Joyful Ventures will be focused on making around 20 early investments into pre-seed and seed companies.

“Our fund will focus on disruptive early-stage startups working in all aspects of sustainable and regenerative protein solutions, including plant-based, precision fermentation, mycoproteins, molecular agriculture, and cultivated technologies, with a strong focus on B2B,” Stojkovic said.

Joyful Ventures already has invested in two startups: Orbillion Bio, based in San Francisco, which is focused on cultivated meat, and New School Foods (the company's alternative 'salmon' fillet is pictured), based in Toronto, which is utilizing a muscle fiber and a scaffolding platform to create plant-based seafood alternatives to traditional fish.