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Kost Capital launches European food tech startup fund.

A new Danish venture capital firm, Kost Capital, wants to improve meals for more people.

Kost means “diet” in Scandinavian, but sticking to one while working there will be challenging. Kost Capital shares offices with Kost Studio, a food development studio and test kitchen that enables colleges and markets to produce new food items.

General partner Bodil Sidén, who founded the firm with LPs Kasper Hulthin, Christian Tang-Jespersen, Mark Emil Hermansen, and Jacob Lee Ørnstrand, did not disclose the amount of €25 million raised but noted backing from Danish sovereign fund EIFO and Kost’s founding limited partners.

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Kost Capital invests in European pre-seed and seed companies that are B2B food input-focused. The business has invested in three companies: Estonian palm oil substitute company Äio, French infant formula company Numi, and Danish ingredient company Nutrumami.

Sidén’s venture capital adventure began somewhere unusual. She worked for Swedish ministers, was a Moderates national party board member, and was Fredrik Reinfeldt’s press secretary.

I’ve always been interested in societal change since my parents are migrant teachers, and I’ve been exposed to justice and global concerns, Sidén told Eltrys. “I then joined the tech world, working on communications in the Nordics for Uber, where I learned everything about big tech and scaling tech companies and marketplaces locally.”

She founded blqInvest alongside Kamjar Hahabdolahi and Erik Halvord, a Stockholm venture capital firm that built technical startups without a commercialization strategy.

After two funds, Sidén met Kost’s investors, who needed a general partner to establish a platform and determine strategy. She said senior associate Paul Archambeau has helped them achieve that for a year.

Sidén’s political roots and the bioeconomy’s capacity to power food inform Kost’s investing concept. Sidén said food technology needs more financing due to population growth, climate change, food waste, health challenges, and legislative changes.

She stated, “All macrotrends speak for it, and it’s so underinvested” in the next five years.” Instead of food, the money has gone to logistics and brands. It’s got huge potential, and generalist VCs should return. In the beginning, B2C hit them hard, making it impossible to judge other business models, but I think that may change now.”

Sidén wants Kost to “be the best co-investor in Europe” with food tech and generalist investors seeking a scale-up and food-specialized enterprise.

In Europe, food technology is hot. Infinite Roots, which manufactures proteins from mycelium, is receiving greater investments and funding. This week, Eatable Adventures, a Spanish and Italian food tech accelerator, closed on half of a €30 million investment vehicle dubbed Europe Foodtech Acceleration Fund I SCSp.

Government support is also rising. For instance, the UK is investing £2 billion in food biotechnology. Aleph Farms’ meat was approved in Israel, and the EU has €50 million plans to increase precision fermentation.

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