Venture capital firm Oyster Bay has announced the final close of its second fund at over €100 million, making it one of Europe’s largest VC vehicles dedicated exclusively to the future of food and agri-tech.
The fund was significantly oversubscribed, with anchor investors including the European Investment Fund (EIF) and KfW Capital.
Oyster Bay’s Fund II builds on the strong performance of Fund I, which ranked among the top 10% of all European VC funds, delivering returns of over 25% annually and backing breakout successes like Oatly, AirUp, True Gum, and GoodBytz.
“Food has long been viewed in venture capital as a short-term trend — that’s a mistake,” said Christoph Miller, Founder and Managing Partner at Oyster Bay. “Nutrition is one of the most underestimated challenges of our time. Through Fund II, we’re investing in the entrepreneurs solving its most complex problems.”
A trillion-dollar industry ready for disruption
The global food sector generates $10 trillion in annual revenue, accounts for 12% of global GDP, and employs 40% of the world’s workforce — yet contributes nearly one-third of global emissions. Despite this, only 8% of climate-related VC funding currently flows into food and agri-tech.
Oyster Bay aims to close that investment gap by backing startups that address inefficiencies across the food value chain — from sustainable raw materials and alternative proteins to AI-powered supply chains and traceability tools.
“Transformation will be won or lost in the supply chain,” Miller added. “Efficient, transparent, and resilient structures are the foundation of a sustainable food economy. We see enormous opportunity in technologies that make that possible.”
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Entrepreneurial investors with a founder-first approach
Founded by Christoph Miller and Felix Leonhardt, both seasoned entrepreneurs, Oyster Bay brings hands-on operational experience to its portfolio companies. Miller previously built Columbus Drinks, while Leonhardt founded and invested early in sustainable food ventures.
“We’re not traditional financiers — we’re entrepreneurs,” said Leonhardt. “Fewer than 0.1% of startups we evaluate make it into our portfolio. When we invest, it’s a seal of quality. We back the very best founders — those capable of sustainably reshaping the food system.”
Oyster Bay invests with high selectivity and measurable impact, emphasizing founder quality, strong unit economics, and scalable innovation over hype.
Fund II at a glance
- Focus: Food & Agri-Tech startups with measurable sustainability impact
- Size: €100+ million
- Structure: 10-year fund targeting ~20 portfolio companies
- Selectivity: <0.1% of reviewed startups receive investment
- Example investments:
- Eternal – Harvest robotics
- Nukoko – Cocoa alternatives
- Abeya – Digital supply chains
- GoodBytz – Kitchen robotics
About Oyster Bay
Founded in Hamburg, Oyster Bay is Germany’s first specialized food venture capital firm, investing globally in startups transforming food, climate, and supply chains. Combining entrepreneurial expertise, Hanseatic clarity, and a long-term perspective, Oyster Bay partners with visionary founders from seed to exit. Fund I ranks among Europe’s top-performing VC funds, and Fund II, at over €100 million, continues the firm’s mission to deliver both impact and exceptional returns in the world’s largest — and most essential — industry.
