Call for start-ups to help Australian farmers curb costs
As fruit, vegetable and nut growers face challenging economic conditions and a drop in consumption, grower-owned not-for-profit research and development company, Hort Innovation, today announced it will activate $60 million of investment into early-stage startups to drive positive change to support Australian farmers.
Through a partnership with Artesian, a leading alternative and impact investing firm, the new Hort Innovation Venture Fund will back promising startups whose innovative products and services have the potential to make a tangible impact in areas such as sustainability, affordability and resilience. The aim is to improve productivity and elevate the profile and accessibility of Australian-grown fruits and vegetables locally, and worldwide.
Hort Innovation Chief Executive Officer Brett Fifield said now more than ever, the need to diversify investment approaches and partner with innovative change-makers is critical to retain Australia’s food security.
“Australian horticulture is world-class and therefore demands the best innovation,” Fifield said. “We are creating this world-first horticulture-specific venture capital fund to attract local and international startups who are focused on prosperity and sustainability.
“By investing in startups, we are enabling fresh ideas, never-before-seen technologies, and new ways of thinking to make growing easier, more sustainable and cost-effective, and lift consumption.”
Key Hort Innovation Venture Fund focus areas include:
- Increasing productivity: Helping Australian growers to become more adaptable, resilient and financially sustainable. This may be in the use of Artificial Intelligence (AI) to predict what to do and when to do it, new automation options, or the use of satellite technology to guide decision-making.
- Sustainability: Delivering new innovations to align Australian growers of fruit, vegetables, nuts, turf and nursery plants with world-leading environmental sustainability. For example, enhancing monitoring capabilities to optimise water use, track and reduce carbon and expand chemical use alternatives.
- Consumption: Supporting healthy living by meeting changing consumer preferences. For example, naturally breeding produce that is nutrient dense, with a long shelf life while being aesthetically pleasing.
Artesian CEO Jeremy Colless said the firm was excited about the partnership with Hort Innovation, emphasising its potential to drive impactful investments in cutting-edge technologies that will deliver sustainable, long-term benefits for Australian produce farmers and consumers.
“Delivering the world’s first horticulture-specific venture capital fund with Hort Innovation is a significant milestone and an example of how Artesian works with leading industry, corporate, government and institutional investors to develop tailor made solutions that address innovation challenges,” Colless said.
Colless highlighted the collaboration as a unique opportunity to elevate productivity and innovation across the agriculture sector, fostering resilience and advancing Australia’s position as a leader in sustainable horticulture.
“The approach the Hort Innovation Venture Fund is taking is proven, and well suited to address the needs of Australia’s horticulture production industry.”
Artesian currently has more than $1.2 billion in assets under management including through technology and venture capital investments across energy transformation, agrifood and natural capital, healthcare and emerging technology segments.
The Hort Innovation Venture Fund is the first new fund to be rolled out through Hort Innovation Frontiers.
Launched in June, the Hort Innovation Frontiers investment program will invest up to $500 million over the next 10 years to seize big opportunities and develop solutions to horticulture’s major challenges.
