Venture capital firm Joyful Ventures announced the successful closing of $23 million for their $25 million sustainable protein fund. The announcement follows USDA’s approval of cell-cultivated meat for US consumers, marking a significant milestone in the alternative protein sector.
Joyful Ventures is steered by co-founders Milo Runkle, Jennifer Stojkovic, and Blaine Vess. With over 40 years of combined industry experience, the trio plans to utilize the fund to support early-stage start-ups that create sustainable and regenerative protein solutions. These include those specializing in plant-based proteins, precision fermentation, mycoproteins, molecular agriculture, and cultivated technologies, with a substantial emphasis on B2B.
Runkle, the founder of Mercy For Animals and co-founder of New Crop Capital and The Good Food Institute, has advocated for food system reform. Stojkovic, founder of the Vegan Women Summit and an award-winning author, brings experience and insights as an advisor and board member to leading plant-based brands. Vess, an entrepreneur with a strong portfolio of over 50 start-ups, brings extensive investment expertise.
“The future is full of world-changing sustainable protein companies whose founders face critical challenges in early stages,” Vess said. Joyful Ventures has invested in two start-ups: San Francisco’s Orbillion Bio, which has a unique approach to cultivated meat, and Toronto’s New School Foods, which creates plant-based seafood alternatives using an innovative muscle fiber and scaffolding platform.
In Runkle’s words, Joyful Ventures is not only investing in companies but “global transformation,” emphasizing the firm’s commitment to supporting entrepreneurs committed to sustainable food accessibility.
A Boston Consulting Group study found that investing in plant-based protein could significantly more substantially impact addressing the climate crisis than other solutions. It is eleven times more impactful than electric vehicles, four times more than green buildings, and three times more than decarbonizing cement.
Stojkovic added, “Rather than trying to capture the carbon, methane, and nitrogen that we’re creating, let’s prevent it from happening by changing what is on our plates.” In essence, Joyful Ventures is inviting those invested in combating climate change to consider the significant potential held by the sustainable food sector.
Image provided by Joyful Ventures
1 Comment