- Anterra Capital reached a $100 million first close for its third fund, aiming for a final total of $200 million, with support from Rabobank, Novo Holdings, and Zoetis.
- Over the last 12 years, the firm has prioritised strong business fundamentals over passing trends such as quick commerce, indoor vertical farming, or alternative proteins, a strategy that led to a major early-stage exit in the veterinary sector.
- Recognising that AI is reshaping the financial landscapes of biology and software, Anterra identifies significant potential in the $10 trillion food and agriculture industry, which remains largely underserved by software solutions.
Most venture firms see their investors mainly as sources of money. Anterra Capital, however, treats its investors as a key part of its operations.
The VC firm, which has offices in Amsterdam and Boston, closed the first part of its third fund at $100 million and aims for $200 million at final close. The main investors are Rabobank, the world’s largest agricultural lender; Novo Holdings, a top global life sciences investor; and Zoetis, the largest animal health company.
“The vote of confidence from our investor base is what gives this close its weight. The combination of leading global asset managers, the institutions that know our sector backwards and the operators who farm millions of acres all backing the same thesis is an unrivalled force supporting the Anterra portfolio,” says Adam Anders, partner at Anterra Capital.
Anterra has a long-term approach to selecting its limited partners. In the food and agriculture sector, which relies heavily on relationships and is complex to operate in, strong industry connections help portfolio companies get pilot opportunities.
When Anterra invested in Anchr, an AI platform that updates food distribution, its industry connections gave the founders quick access to important distributors, retailers, and logistics companies. Anchr raised $5.8 million in a seed round with a16z Speedrun in March 2026 and earned over $1 million in revenue within 12 weeks of launch.
If there is no suitable company, Anterra creates one
Anterra’s first company, Enko Chem, was founded in 2017 to develop new crop protection chemistry through rational molecular design. This work replaced outdated and unsafe products, including glyphosate, and led to partnerships with Syngenta and Bayer Crop Science.
The second company, Invetx, was founded in Anterra’s offices in 2018 and used proven biological methods from human medicine to advance veterinary care. Dechra Pharmaceuticals bought Invetx in July 2024 for up to $520 million, making it one of the largest early-stage exits in veterinary medicine.
Anterra used the same approach for Fund III’s second investment, Animerra. The firm started Animerra as a veterinary biologics company that brings monoclonal antibody science, a proven type of precision medicine in humans, to animal health treatments. Anterra says that AI has changed what is possible and how much it costs.
In areas like animal health and crop protection, AI helps shorten research timelines and lowers the money needed to reach early business goals. Teams that once needed tens of millions of dollars to prove their ideas can now do so for much less, opening new doors for early-stage investors.
“We’ve spent twelve years and two funds proving you can build category-defining companies in food and agriculture — and generate real returns doing it. What’s changed is that the world has finally caught up to that thesis. The technology is here, the valuations make sense, and the founders building in this sector are the best we’ve ever seen,” notes Brett Wong, partner at Anterra Capital.
The tourists have left. Now what?
Investment in food and agriculture technology reached $51.7 billion in 2021 but dropped to $16 billion by 2024, about the same as in 2016. Much of the money that went into expensive areas like indoor vertical farming, plant-based meat, and fast grocery delivery has now left. Anterra stayed away from these sectors at their peak, while many firms that invested in them are now closing or restructuring.
In this setting, Anterra sticks to the idea it has followed since 2013: the same tools that changed human health and digitised industries like finance and logistics will also change food and agriculture, which is the world’s biggest and least digitised sector. The firm believes that AI now makes this idea possible at scale.
“The firm has now successfully navigated two capital cycles in food and agriculture. Each one rewarded the same discipline: backing companies that deliver real returns for their customers and to their investors. What’s different this time is that the real-world industries we operate in — large, complex and historically resistant to change — are now ready to be rewired, and the tools to do it have arrived,” adds Maarten Goossens, partner at Anterra Capital.
A crowded landscape of specialist funds
S2G Investments in Chicago, backed by the Walton family, manages $2.5 billion and invests across food systems, sustainable agriculture, and alternative proteins. Finistere Ventures, first backed by Bayer, focuses on agricultural technology and life sciences, like precision farming and biological inputs. Cultivian Sandbox, another early-stage fund, focuses on agricultural biotechnology and food safety.
Anterra stands out for its company-building approach and the strong expertise of its investor base, a mix few others can match.
Fund III has already invested in two companies: Anchr, backed with a16z Speedrun, and Animerra, which Anterra started itself. It is still unclear if AI in food and agriculture will bring the big results Anterra expects, but the firm’s 12 years of experience, its company-building model, and its investor network give it a strong base for success.
