Coster Capitalis a newly established Danish venture capital fund dedicated to bringing better food to more people.
General Partner Bodil Sidén founded the firm together with Limited Partners Kasper Hulthin, Christian Tang-Jespersen, Mark Emil Hermansen and Jacob Lee Ørnstrand.
Kost, which means “diet” in Scandinavian, however, can be difficult to stick to while working there. That’s because Kost Capital shares space with Kost Studio, a food development studio that doubles as the university’s test kitchen and market place to collaborate and develop novel food products.
Siden declined to say how much of the 25 million euros raised so far but said backers included Danish sovereign fund EIFO and Koster’s founding limited partners.
Kost Capital invests in pre-seed and seed start-ups across Europe, focusing on B2B investments in future food, and has already made three investments: Estonian palm oil alternative company äio, French infant formula company Numi and Danish ingredients company Nutrumami.
Siden’s entrepreneurial journey began in a very unique place: in Swedish politics as a committee member of the moderate National Party, press secretary in Frederik Reinfeldt’s government and working for Swedish ministers.
“I’ve always been passionate about social change — my parents are immigrant teachers, so I’ve always been very focused on justice and global issues,” Siden told TechCrunch. “Then I joined the tech world and worked in communications at Uber in the Nordics, and I Learned everything about big tech and how to scale tech companies and markets in a local environment.”
She then teamed up with two colleagues at Uber to set up a venture capital fund in Stockholm to do company building herself, such as working with technology companies that lacked a path to commercialization.
Two funds later, Sidén got in touch with the investors behind Kost, who were looking for a general partner to help build the platform and develop strategy. That’s what they’ve been doing for the past year with the help of senior attorney Paul Archambeau, she said.
Coster’s investment thesis draws on Siden’s political origins and the idea that food is driven by the bioeconomy. Siddon acknowledged population growth, climate change, food waste, health concerns and policy changes, and said food tech needs more funding.
“Looking over the next five years, all the macro trends are pointing to this, but there’s been a huge underinvestment,” she said. “If you look at where the money is going, it’s really like logistics and branding, it’s not even food. It’s a huge opportunity” and hopefully generalist venture capital firms will return to this space as well. They took a bit of a hit in the B2C space in the beginning and it was difficult to evaluate different types of business models, but I think that may change now. “
That said, one of Sidén’s milestones is for Kost to become “Europe’s best co-investor” with food tech and generalist investors looking for a company with the know-how and food expertise to scale.
Meanwhile, food tech is booming in Europe.Not only are we seeing above-average investment, e.g. infinite roots, which makes proteins from mycelium, but also raised more funding.This week, Eatable Adventures, an accelerator that helps create and support food tech in Spain and Italy, said it Half of €30 million investment vehicle completed Called the European Food Science and Technology Acceleration Fund I SCSp.
We’re also seeing more government support.For example, the UK £2 billion lost Enter biotechnology, specifically the food sector.The EU has its own 50 million euro plan Large-scale and precise fermentation, while Aleph Farm Its cultured meat has received regulatory approval from Israel.