EIF backs Nordic Foodtech VC with €30M to scale Europe’s agrifood deeptech

The European Investment Fund (EIF) has pledged up to €30 million to a Finnish venture capital firm, Nordic Foodtech VC, to support early-stage agrifood technology companies. This funding aims to promote research in sustainable and resilient food production systems. Nordic Foodtech VC, based in Helsinki, has a target fund size of €80 million and plans to invest in approximately 30 companies, primarily in Northern Europe, with potential opportunities elsewhere in Europe.

The firm employs a unique combination of specialized investment capital and scientific, as well as industry expertise, to support companies in their earliest development stages, including pre-seed and seed financing, particularly for spin-outs from universities and research centers working on sustainable technologies for agriculture, food, health, aquaculture, and the broader biosolutions industry.

The first fund of Nordic Foodtech VC had invested in 18 companies across the Nordic and Baltic regions, closing €40 million in April 2025. This EIF investment, as part of the European Investment Bank (EIB) Group, will help attract additional private investors, bringing the fund closer to its target size. EIB Vice-President Karl Nehammer emphasized that while Europe possesses exceptional research capabilities in food and agriculture, these promising technologies require capital and expertise to successfully transition from laboratories to the market.

He highlighted that the EIF's investment will aid in transforming these innovative ideas into businesses that enhance food security, climate resilience, and European competitiveness. Mika Kukkurainen, co-founder and managing partner of Nordic Foodtech VC, expressed that with EIF's support, they are expanding their presence across Northern Europe.

Kukkurainen stated that their portfolio companies are developing deep-tech solutions essential for addressing food security, resilience, and nutrition. Kukkurainen believes that Europe possesses the unique opportunity and talent to lead in shaping the future of food and agriculture.