Minerva injects $4m in Silicon Valley startup

Four months after announcing the creation of a fund to invest in startups, Minerva Foods closed the first deal. With an injection of $4 million, the Brazilian group became a minority shareholder of Clara Foods, a Silicon Valley foodtech that develops alternative proteins — free of animals — for use in the food industry. Founded by Mexican Arturo Elizondo, Clara Foods was born within IndieBio, the world’s largest biotechnology incubator. The startup has already raised more than $50 million through two rounds of investment. Minerva does not reveal the stake it bought. In an interview with Valor, Minerva CFO Edison Ticle says this will not be the company’s only investment. The venture capital fund has $30 million to inject in startups. He says the plan is to invest between $1 million and $15 million in up to 10 companies.

Source: Valor International