Mark Gustowski’s new agtech fund Mandalay Venture Partners has brought on the former Novonix CEO and the roadside assistance provider.
Philippe Ceulen and Timothy Hui, and alongside former energy tech entrepreneur Al Fullerton, Mandalay will focus on early-stage deals. It will write cheques worth between $150,000 to $1.2 million into six to eight companies a year.the fund came about after QUT wound up the CEA program when COVID-19 struck, forcing universities to make budget cuts.in a personal capacity, he had developed a passion for food and agtech, he knew he wanted to do something in this space.
The new fund will focus on areas such as carbon sequestration, on-farm efficiencies, supply chain automation, autonomous vehicles, future foods, e-commerce and e-grocery platforms., Fame and Partners and Travelshoot, Mr Gustowski and Mr Fullerton wanted to validate their abilities as agtech investors before raising their first fund.
“No one baulked at the current downturn. There’s lots of dry powder and the feedback has been incredibly positive. People are holding money because they don’t know where to place it,” he said.“The NRMA crew is interested in the ESG focus that we have with the agtech fund. Everything we invest in has to be at least net neutral in terms of carbon and waste. We don’t market ourselves as an impact fund, but we have a sustainability focus.
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