St. Louis investor raises $70M for new fund

ST. LOUIS, MO - December 26, 2023

St. Louis investment firm Lewis & Clark AgriFood, which provides growth-stage financing for food and agriculture companies, has raised $70 million for a new fund. 

Lewis & Clark AgriFood reported raising $70.4 million for its Lewis & Clark RBIC Fund III, according to a Dec. 19 filing with the U.S. Securities and Exchange Common. The offering includes eight investors, according to the filing. 

Lewis & Clark AgriFood said it was unable to comment on the new fund, citing ongoing fundraising. The RBIC Fund III is listed as having a total offering amount of $150 million.

Lewis & Clark AgriFood launched as an offshoot of St. Louis-based investment firm Lewis & Clark Partners, with the intent of developing a funding strategy in the food and agriculture industries. It says it seeks to make investments between a company’s seed financing and its eventual buyout. The firm has made investments through its AgriFood Fund II and RBIC (Rural Business Investment Co.) Fund II. It has put a focus on making investments in rural areas, with RBIC funds part of a U.S. Department of Agriculture investment program designed to inject capital into rural areas. 

Lewis & Clark AgriFood is led by David Taiclet, general partner and managing director; Larry Page, managing director; and Tim Hassler, managing director. Tom Hillman is founding partner at Lewis & Clark AgriFood and founding general partner at Lewis & Clark Ventures, the two investment firms under Lewis & Clark Partners.

Among those companies receiving growth stage investments from Lewis & Clark AgriFood are Silicon Valley artificial technology startup Brightseed, agriculture software firm Bushel of North Dakota and Springfield, Tennessee-based Stony Creek Colors, which manufactures natural indigo. Lewis & Clark AgriFood this month led a $10 million investment round for Lingrove, a California-based startup that's developing sustainable building materials.