Bits x Bites, an agrifood tech venture capital fund focusing on the Chinese market, raised $30M in the first close of its new $70m fund.
LPs backing Bits x Bites include:
- Temasek, a global investment company headquartered in Singapore;
- Heritas Capital Management, a Singaporean investor primarily focused on health and related food technology;
- the CEO of Monde Nissin, a Philippine food company that also owns UK meat replacement company Quorn; and
- Several food conglomerates and family offices in China and Southeast Asia.
The firm anticipates a final closing in the coming months.
Managed by general partners Matilda Ho and Joseph Zhou, Bits x Bites invests across the food supply chain, from precision agriculture, crop and animal health to protein alternatives and nutrition. It backs both Chinese and international companies up to series B.
The first investiment is Mojia Bio, a Chinese bio industrial company that produces essential nutrients. In addition, the new fund has deployed capital in follow-on investments in Bits x Bites’s previous portfolios. They include:
- Tropic Biosciences, a UK CRISPR gene editing company, and
- InnovoPro, an Israeli chickpea protein concentrate company.