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AgFunder Grow Impact Fund 1

VC Pitch Deck

The venture capital pitch decks used by AgFunder to raise their Grow Impact Fund 1.

Year	2021
Raise	n/a
Fund	1
Lead	Follow (Lead if round makes sense)
Ticket	$100k
Geography	Global

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VC Pitch Deck- AgFunder – Grow Impact Fund 1

This is part of the VC fund deck collection of pitch decks. In this blog we are going to go through the Grow Impact Fund 1 by AgFunder. This is an accelerator fund.

About AgFunder

AgFunder is a new kind of venture capital firm. Our mission is to invest in bold and impactful technologies rapidly transforming our food and agriculture system.

Founded in 2013 and based in Silicon Valley, AgFunder is one of the world’s most active foodtech and agtech VCs. We’re rethinking venture capital for the 21st century. We were born online, and with our publication AFN we’ve built a global ecosystem of 85,000+ subscribers. This gives us one of the most powerful networks to help build impactful and important companies.

They were funded by Michael Dean and Rob Leclerc. They invest from pre-seed to series-B with tickets from as low as $50 up to $900k.

More info on AgFunder

To not duplicate content, you can read more about AgFunder on the post for Alternative Protein Fund 1.

Alternative Protein Fund 1

About AgFunder Grow Impact Fund

Grow Impact Fund is a 2021 vintage venture capital fund managed by AgFunder. The fund is located in San Francisco, California. It will invest $0.1-$0.4 million in AgTech startups. The fund seeks investments in minority stakes, ESG and impact relating to climate and agriculture.

About the accelerator

The GROW Impact Accelerator Program is a five-month accelerator for startups operating in new frontiers of foodtech and agtech. The program is designed for international startups looking to expand into Asia, and for regional startups to launch on the global stage. Companies receive US$100 thousand worth of cash and in-kind investments.

Invest with Impact to transform the global food system

With significant production challenges brought about by climate change, technology will play a material role in transforming how we produce our food, distribute it, and ultimately consume it. We recognize the ability of technology and innovative business models to create positive outcomes for both society and our planet and through the GROW Impact Fund we will apply the principles of ESG, measured against the Sustainable Development Goals, to align impact with innovative technology.

Become an AgFunder Impact LP

This is the launch of our first dedicated impact fund. Our primary focus is Seed – Series A stage startups that are developing technologies and utilising innovative business models to deliver impact across the food system. Every opportunity will be assessed by reference to ESG principles and every portfolio company will be required to adopt and apply an ESG policy. In addition to our usual portfolio updates, we will be reporting to our investors on the impact performance of the portfolio by reference to the relevant IRIS+ catalogue of metrics and the five dimensions of impact.

Investor investment min investments

Investor Tiers	Minimum Investment
Corp./Institutional Investor	$1M+
Family Office	$500k+
Professional (Accredited Investor)	$50k+

Portfolio Construction

Grow Impact Fund has a global focus, focused on two tech types, and 3 stages.

Company Selection

Grow Impact have 7 selection criteria:

Investment Criteria

There are two stages of expectation regarding ESG policies:

Investment performance

They’ve mapped out how investments have performed to date.

Fund terms

Quick comments:

Min investment: Most investors tier investment ticket sizes. If you don’t understand why, ask in the comments and I c can explain
Number of investments: The target is around 60 over a 3 year term. I presume they expect to run 3 cohorts of accelerators (at least yearly)
Stage: Seed to series-A seems weird to me. I would expect at a far earlier stage. I presume they will follow on at series-A from this fund (max)
Fund term: 10 years is a safe bet
Investment period: 3 years is normal, but this is an accelerator so more tied to cohorts (which I think would be clearer to state?). Adding extension reserve capital is hopeful as accelerators are expensive and I highly doubt there is cash left in reserves!
Target return: Arguably this is low for the VC asset class (But most funds do not perform well!)
Annual MF: 2% blended means that likely are starting at say 3% over investment period, then taking that % down to say 1% over the maintenance period. I think the fees to run the accelerator should be stated (It’s not cheap)
Fund admin costs: No need to add in terms. Many funds list who they use for admin/legal etc to give trust factor
Carried interest: 20% is normal
Manager contribution: 1% is normal. Large funds used SVB to get loans when fund size is large