Only 0.1% make the cut: Oyster Bay raises over €100 million to scale Europe’s best food innovators
Hamburg-based VC Oyster Bay announces the final closing of its second fund of over €100 million – ranking among the largest European VC funds exclusively dedicated to the future food market.
The fund was reportedly significantly oversubscribed, with investors such as the European Investment Fund (EIF) and KfW participating.
Christoph Miller, Founder and Managing Partner of Oyster Bay: “Food has so far been seen in venture capital mainly as a short-lived trend investment – which is wrong. Nutrition is the most underestimated future challenge of our society, and through our investments, we aim to find solutions to its complex problems.”
Oyster Bay’s second fund places it among the most significant dedicated “future food” investors in Europe this year. Across the continent, several specialised funds have also advanced in 2025.
In Finland, Nordic Foodtech VC announced a first close of €40 million on its second fund, targeting €80 million to back technology-driven solutions for the food and agriculture sectors. In Italy, Maia Ventures launched a €55 million vehicle aiming to link the country’s established food industry with emerging AgriFoodTech innovation.
Meanwhile, pan-European players such as the Netherlands-based Future Food Fund and France’s Five Seasons Ventures have continued to deploy capital across the sector, underscoring the sustained investor interest in technologies that enhance food system resilience, efficiency, and sustainability.
Compared with these 2025 fund announcements, Oyster Bay’s latest closing stands out for its scale and for being one of the few German-based vehicles solely dedicated to transforming global food systems – indicating a strengthening of the region’s role in Europe’s evolving AgriFoodTech investment landscape.
Oyster Bay was also noted among the investors participating in Nukoko’s €1.3 million round in March 2024.
Felix Leonhardt, Managing Partner of Oyster Bay: “We are not traditional financial investors, but entrepreneurs with a successful track record. Less than 0.1% of startups that apply to Oyster Bay make it into the portfolio – our involvement is a seal of quality. Only the very best are in our portfolio, those whose solutions sustainably improve the food system.”
The food sector is the largest industry in the world: €8.6 trillion ($10 trillion) in revenue, 12% of global GDP, and 40% of the global workforce. At the same time, it generates roughly a third of global emissions and drives water scarcity and biodiversity loss.
Yet, the VC outlines that only 8% of climate-related venture investments currently flow into food and AgTech.
Large food corporations are facing enormous challenges in their supply chains. Startups developing new solutions along the value chain – from sustainable raw materials to alternative proteins to data-driven supply chains – are therefore gaining significant importance.
Oyster Bay was founded in 2018 by Christoph Miller and Felix Leonhardt. Both are entrepreneurs themselves: Miller has more than 30 years of experience in the food sector and built Columbus Drinks, while Leonhardt founded and invested early in sustainable food products.
Oyster Bay has already proven that their approach can be economically successful. Fund I ranked among the top 10% of all European VC funds. The portfolio already included successful companies such as Oatly, AirUp, True Gum, and GoodBytz.
Fund II follows the same principle: investing entrepreneurially, combining return with impact, and supporting founders who drive the transformation of the global food system. It is structured to be a 10-year fund with around 20 investments
Miller added: “It is in the supply chains that the success of the transformation is decided. Efficient, transparent, and resilient structures are the foundation of any sustainable food economy.”
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