St. Louis-based investment firm makes first deal from new $186 million funds
ST. LOUIS, MO - January 14, 2020
St. Louis-based investment firm Lewis & Clark AgriFood has made its first investments from a pair of new private equity funds.
The firm has invested in Fargo, North Dakota-based agtech startup Bushel Inc. The investment was part of a $19.5 million Series B financing closed by Bushel, a developer of agricultural software for use by grain retailers and growers. The portion of the round from Lewis & Clark AgriFood came from the firm’s AgriFood Fund II and Rural Business Investment Co. (RBIC) funds.
“We have the great privilege to work with Bushel and their entire team in the effort to develop technology solutions for consumers, grain buyers and producers,” said David Taiclet, general partner and managing director at Lewis & Clark AgriFood. “The investment in Bushel aligns with Lewis & Clark AgriFood’s thesis of building integrity across the supply chain by providing increased transaction visibility for all stakeholders.”
Lewis & Clark AgriFood is part of Lewis & Clark Partners (LACP), which was created by Tom Hillman, Brian Hopcraft and Taiclet. LACP also includes local venture capital firm Lewis & Clark Ventures. Lewis & Clark AgriFood focuses on growth and late-stage investments in the food and agriculture sectors. Taiclet and Hillman are its general partners.
The company in recent weeks made regulatory filings detailing a total of $186.1 million in venture capital its hoping to invest from its two private equity funds. A December regulatory filing shows the RBIC fund raised $76.4 million and another filing last week indicates AgriFood fund hauled in a total of $109.7 million.
Lewis & Clark AgriFood’s RBIC fund is part of a U.S. Department of Agriculture investment program designed to inject capital into rural areas. The program stipulates that a minimum of 75% of funds must be invested in rural areas with a population of 50,000 or less and a minimum of 50% invested in smaller enterprises. Only 10% of the funds can be invested in urban areas.
As it has sprouted its RBIC fund, Lewis & Clark Ventures has added an executive well-versed in the USDA investment program. Tim Hassler, who was previously responsible for the $150 million RBIC fund at St. Louis-based Advantage Capital, in June was named principal of Lewis & Clark Ventures.