Tue. Oct 4th, 2022

Brussels, 2 September 2022

The Green Generation Fund (GGF) founded by Manon Littek and Janna Ensthaler has raised €100 million for investments in innovative food tech and green tech startups. The European Investment Fund (EIF) contributed €25 million backed by an EU budget guarantee from the new InvestEU programme. KfW Capital provided €10 million. Littek and Ensthaler are thus among the very few female founders in Europe who have raised capital on this scale.

The Green Generation Fund invests exclusively in sustainable startups that make significant progress in CO2 avoidance, the circular economy, climate and resource protection, health promotion and biodiversity.

The aim is to strengthen the new food tech and green tech industries in Germany, Europe and the United States and to contribute to CO2 reduction in the agricultural and food sectors. Funding is provided, for example, for plant protein extraction and innovations in fermentation and cell cultivation. In addition, the reduction of shelf life substances in the food industry as well as more sustainable packaging, supply chains, carbon capture solutions and green tech software are being considered.

The EIF’s investment is one of the first in Germany under the new InvestEU programme, which provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It will also help mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition.

In addition to the EIF and KfW Capital, the founders have brought a circle of private investors on board, including Florian Wendelstadt as anchor investor, and family offices such as Kaltroco, Burda and SAP founding family Hopp.

Some of the Green Generation Fund’s first investments are supporting these three startups in Berlin:

  1. The Rainforest Company is a nutrition brand that helps to preserve and protect the rainforest through sustainably and fairly produced superfoods.
  2. Neggst, a spinout of the Frauenhofer Institute, produces and sells a plant-based egg alternative that can be processed like a conventional chicken egg, thereby aiming to replace mass laying batteries.
  3. Klim offers a software platform to help farmers move into regenerative agriculture. Through carbon farming — for example, storing CO2 in the soil — farmers have the opportunity to generate CO2 certificates. Klim not only enables simple and direct accounting of these CO2 certificates, but also makes this information available along the value chain all the way to the consumer.

Littek and Ensthaler are experienced entrepreneurs. Before setting up the Green Generation Fund, Manon Littek worked as chief executive officer of Katjesgreenfood for five years and sits on the supervisory board of the world’s largest plant-based food company, Upfield. Janna Ensthaler is a serial entrepreneur in the food, beauty and tech sectors in Europe and the United States. Besides Glossybox — a beauty box for cosmetics and make-up — and restaurant chain Kaiserwetter, she founded Event Inc, Europe’s first and leading online marketplace for the event industry.

European Commissioner for the Economy Paolo Gentiloni said: 

“Securing the green transition will require sustained investment. That is where InvestEU can play a crucial role. I am delighted that the new InvestEU programme is backing this EIF investment to support startups specialising in green technologies. This financing agreement will enable them to access the finance they need to invest in innovation, expansion and job creation. I am looking forward to seeing many other innovators follow suit.”

EIF Chief Executive Alain Godard said: 

“We at the EIF are proud to support such a large innovative fund set up by such creative and experienced female founders. Creating new plant-based food for industrial food production is a highly innovative concept for a venture capital fund. This fund is one of the first to be supported by InvestEU, and its first investments in startups can potentially create new markets and an environment for future sustainable companies in Europe.”

KfW Capital Co-CEO Jörg Goschin said: 

“We are delighted about the outstanding fundraising success of Manon Littek and Janna Ensthaler with their Green Generation Fund. The investment strategy of the fund is focused on innovative solutions for sustainable consumption along the entire value chain to make significant contributions to achieving climate goals. The Green Generation Fund is an impressive example of the vast opportunities the venture capital ecosystem has to offer in the green tech sector.”

Manon Littek, founder of the Green Generation Fund, said: 

“The Green Generation Fund is now investing in the third wave of the plant-based food revolution: clean, functional, healthy plant proteins derived through fermentation, cell cultivation and new ingredients such as mushroom roots. Many startup founders are vegans themselves, live sustainably and don’t want to work for short-term profit. They really value funds like the Green Generation Fund because they want to bring these new thoughts into the world and manifest them.”

Janna Ensthaler, founder of the Green Generation Fund, said: 

“We rely on entrepreneurs who develop solutions for the really big problems of our time. Governments around the world are increasingly recognising the commitment to drive this issue forward through both strong regulation and massive subsidies. Generation Z and millennials are also fed up of factory farming and a life that pushes our blue planet to its limits. These generations will be riding high on the plant-based food revolution and the introduction of CO2 reducing and more sustainable measures. This is where we invest.”

Background information

 The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee of €26.2 billion. The entire budgetary guarantee will back the investment projects of the implementing partners, increase…