Redesdale Group has launched its new Food & Beverage Fund, a €75m programme that aims to provide seed and early-stage capital to Irish food entrepreneurs. The Fund brings together some of Ireland’s most accomplished financiers, food sector leaders and commercial scientists and has recently completed a first close of €27m.
Enterprise Ireland’s €15m investment through its Seed & Venture Capital Programme is anchoring the Fund. The Fund’s backers include leading locally-owned businesses Musgrave Group and Monaghan Mushrooms. Lord Abbett, a leading US asset management company, Coca-Cola, and Tate & Lyle will also participate.
Simon Cummins, Chairman of Redesdale Group, said: “The food start-up sector in Ireland is fuelled by a strong entrepreneurial culture and underpinned by world-class research but access to capital remains a challenge.
“Our mission is to provide start-up capital to help realise the ambitions of a new generation of food sector leaders in this country. I am delighted that we are joined in that mission by such a powerful group of domestic and international investors”.
Noel Keeley, CEO of Musgrave Group, commented: “Musgrave is delighted to extend its support to emerging Irish food and beverage businesses through its investment in the Redesdale Fund, providing much-needed growth capital to local entrepreneurs that are pushing the boundaries of innovation in our sector.
“As consumers become more conscious of food choices, Musgrave is proud to be backing local producers as they seek to meet the demands of shoppers into the future.”
Agnese Filippi, Ireland Country Manager for Coca-Cola, added: “Coca-Cola’s planned participation in the Redesdale Food & Beverage Fund will build on the support that we have provided to the indigenous Irish food and drink industry over the past five years through our successful Thrive programme. In partnership with Enterprise Ireland we have supported fast growth and ambitious Irish companies as they start to scale.
“Our involvement in Redesdale is a natural evolution of this relationship and puts us in a position to support high potential early-stage businesses in a new and impactful way.”
Redesdale’s investment team includes Michael Cantwell, former Head of Food in Enterprise Ireland, Owen Murphy, a leading venture capitalist, John Stapleton, a food entrepreneur well-known for his success with New Covent Garden Soup and Little Dish, as well as John Conroy, co-founder and former CEO of Merrion Capital. Eamonn Coghlan, former world champion at 5,000m, is the Fund’s Marketing Manager.
Niall FitzGerald, the former Chairman and CEO of Unilever and Chairman of Olam Food Ingredients, chairs the advisory board to the Fund. Stan McCarthy, the former CEO of Kerry Group, is Chairman of the Investment Committee.
The team stated that it was optimistic about the opportunities in food & beverage in Ireland, with John Conroy commenting: “The importance of securing the food supply chain was underlined during the pandemic. Underneath, there are profound changes in the nature and sourcing of food & beverage products, as food plays an increasingly important role in individual and governmental health strategies and as we seek to move to a more sustainable future. Ireland is at the forefront of that change in food & beverage”.
NAM Implications:
- ‘…support high potential early-stage businesses in a new and impactful way’ says it all…
- …via a combination of some of Ireland’s most accomplished financiers, food sector leaders and commercial scientists.
- A pointer for others.
- As well as being a route to consumer for real innovation…
