Gullspång Re:Food

What they fund

• Cheque Size — The firm provides €10M to €50M in conviction capital per deal [1].
• Stage — They invest in early to growth-stage startups, including Series A, Series B, growth, and pre-IPO rounds [2].
• Sector — Focus on agrifood, agtech, foodtech, sustainable proteins, and circular economy solutions [2].
• Geography — Primarily Europe and North America, with a global perspective on food system challenges [2].
• Impact — Companies that produce more with less, repurpose waste, and regenerate soil [2].

Investment thesis

Gullspång Re:food operates as a transatlantic growth equity investor backing agrifood companies addressing structural problems in the global food system, such as planetary boundaries and sustainability [1]. The firm provides €10M to €50M in conviction capital per deal to firms driving systems change [1]. Their investment philosophy focuses on supporting businesses that produce more with less, repurpose waste, replace linearity with circularity, regenerate soil, and enable access to nutritious food for everyone [2]. By partnering with such companies, Gullspång Re:food aims to mend the food system for future generations, addressing challenges like greenhouse gas emissions, deforestation, and lifestyle diseases [2].

• Systemic Sustainability — The core thesis accelerates the transition to a more sustainable society through investments with a long-term, systemic perspective [1].
• Transformational Impact — They target transformation in essential systems such as food, energy, and water, supporting companies that can drive lasting change beyond incremental improvements [1].
• Long-Term Horizon — The firm plans for the next generation, not the next quarter, indicating a preference for patient capital and enduring business models [1].
• Value Over Exit — The investment philosophy explicitly prioritizes tangible progress toward more resilient, equitable, and environmentally sound food systems over short-term financial exits [2].

Value add

Gullspång Re:food maintains a collaborative approach to investing, often working alongside other impact-focused investors, industry partners, and research institutions to create supportive ecosystems for their portfolio companies [2]. They provide conviction capital and long-term partnership to drive systems change [1].

Fit verdict: Ideal for growth-stage agrifood companies seeking significant capital and a partner focused on long-term systemic impact rather than quick exits.

Founder diligence script:

• How does Gullspång Re:food measure success beyond financial returns?
• What specific systems change goals do they prioritize in their portfolio companies?
• How do they support portfolio companies in navigating regulatory and market barriers?
• What is their typical board involvement and decision-making process?
• How do they facilitate connections with industry partners and research institutions?

Portfolio focus

• Oatly — A leading plant-based dairy alternative company, representing the shift towards sustainable proteins [1].
• Agreena — A regenerative agriculture technology company focused on soil health and carbon sequestration [1].
• Planted — A company producing plant-based seafood alternatives, addressing sustainability in the seafood sector [1].
• Everytable — A fast-casual restaurant chain focused on healthy, affordable meals, addressing lifestyle diseases [1].
• Mission Barns — A company producing sustainable dairy alternatives, reducing greenhouse gas emissions [1].

Notable investments & exits

• Oatly — A notable investment in the food sector that resulted in an IPO [Profile], [1].
• Vilokan — A portfolio company included in their active investments [Profile], [1].
• Alight — A portfolio company included in their active investments [Profile], [1].
• Baseload Capital — A portfolio company included in their active investments [Profile], [1].
• Qvantum — A portfolio company included in their active investments [Profile], [1].
• Nick’s — A portfolio company included in their active investments [Profile], [1].

Strategic implications

Gullspång Re:food's edge lies in its ability to provide large, conviction capital to growth-stage agrifood companies, enabling them to scale systemic solutions. Their main risk is the long-term nature of their investments, which may not align with all founders' exit timelines. A signal that would change the read is if they shift their focus to earlier stages or smaller cheque sizes, indicating a change in their investment strategy.

Where they could go further

Gullspång Re:food could expand its focus to include more early-stage companies to build a pipeline of future growth-stage investments. They could enhance their value add by providing more operational support and industry connections to portfolio companies. They could improve their impact measurement by developing a more robust framework for tracking systemic change. They could explore new geographies, such as Asia and Latin America, to address global food system challenges.