Billionaire Mike Cannon-Brookes backs $30 million agritech start-up fund

Billionaire Mike Cannon-Brookes is pouring $8m into a new fund backing start-ups tackling the agricultural supply chain.

Atlassian boss and billionaire rich-lister Mike Cannon-Brookes is pouring $8m from his family office into a new tech venture capital fund focused on funding start-ups tackling the agricultural supply chain.

Mr Cannon-Brookes, who funds ventures through his investment vehicle Grok Ventures in partnership with wife Annie, is being joined by the government-owned Clean Energy Finance Corporation which is also chipping in $8m to the new fund.

The fund is coming from Tenacious Ventures, the brainchild of agriculture veterans Matthew Pruor and Sarah Nolet, who are targeting $30m to fund early stage agriculture start-ups.

“Innovation in agriculture is desperately needed across the world to make our planet more sustainable. It’s fantastic to see the CEFC investing in agrifood tech through this commitment to Tenacious Ventures,” Mr Cannon-Brookes said.

“Kick-starting this industry in Australia will take guts and expertise, and the CEFC brings both. There’s no doubt that new ideas in agriculture will play a massive role in reducing carbon emissions, while also delivering return on investment.”

Other companies backed by Mr Cannon-Brookes through Grok include business bank Tyro, design software outfit Canva, culture software provider Culture Amp and food waste management start-up Goterra.

The Australian also revealed this month that Mr Cannon-Brookes contributed $50,000 to activist body Climate 200 ahead of this year’s federal election. The tech executive is also backing a $25bn project in the Northern Territory to create the world’s biggest solar farm.

CEFC chief Ian Learmonth said nearly 400 agrifood tech companies have been created in Australia in the last three years, while more than $US16bn of venture capital was invested globally last year into agrifood tech, though no specialist investment firms exist in Australia.

“We are delighted to work alongside Tenacious Ventures and Grok Ventures in this new fund,” Mr Learmonth said.

“There has been a shortage of institutional capital in Australia at this stage supporting innovative agrifood tech companies from development through to commercialisation.

“Through this investment the CEFC will support innovations that have the potential to make a meaningful contribution to global emissions reduction efforts and support an exciting Australian industry of the future.”