The Business Accelerator Is Set to Open a Location in Galway
(Release courtesy of The Yield Lab)
The Yield Lab, the United States’ first food and agriculture technology business accelerator, is pleased to announce the launch of the Yield Lab Galway. The Yield Lab Galway is a food and agriculture technology venture fund and business accelerator, located in Galway, Ireland.
The Yield Lab is an early-stage venture fund and business accelerator that invests $100,000 in early stage food and agricultural technology (AgTech) startups, provides one-on-one mentorship, free workspace, and networking opportunities supported by agriculture focused organizations and businesses from the St. Louis region. Agriculture is a leading industry in the U.S. Midwest, with extensive business connections to the St. Louis region and beyond. The diversity, central location, and solid business community support makes the St. Louis region a leading market for AgTech expansion.
“The new Yield Lab partnership enables a two-way street of economic activity between St. Louis and Galway,” St. Louis Economic Development Partnership CEO Sheila Sweeney said. “The growing Yield Lab portfolio in both regions will now have overseas networks to leverage. The Yield Lab Galway portfolio companies will attend a programming session in St. Louis to provide them with opportunities to access U.S. markets and alternative sources of capital, and the Yield Lab St. Louis companies will be encouraged to leverage the resources unique to Galway. This marks a critical milestone for the St. Louis entrepreneurial and economic ecosystem. This bridge of economic activity with Galway should bring further opportunities for St. Louis.”
The Yield Lab Galway has been established on the same building blocks and strategy of sourcing, transacting, and mentoring as the Yield Lab in St. Louis. The fund plans to invest in 8-12 companies over the next two years. Each Galway-based food and AgTech startup will receive up to €100,000 and participate in a twelve-month accelerator program.
“We believe finding innovative solutions to sustainably feed the world’s rapidly growing population is the biggest problem facing human kind today,” Yield Lab Managing Director Thad Simons said. “The launch of the Yield Lab Galway is the appropriate next step and will provide greater access to financial and strategic opportunities for both our St. Louis and Galway based investments.”
Galway was the obvious choice to establish a European footprint due to the strong relationship as a sister city with St. Louis. It also offers a number of regional resources such as NUI Galway, GMIT, Mountbellew Agriculture College and a central location to the vast agricultural production in the west of Ireland. Galway has built itself into an entrepreneurial stronghold, boasting a thriving technology park and growing support ecosystem.
“AgTech companies work in a global economy and our goal is to build a bridge to St. Louis for Irish AgTech companies looking for a U.S. footprint,” St. Louis Regional Chamber President & CEO Joe Reagan said. “In St. Louis, we are focused on supporting entrepreneurs and innovators, and our economic development strategies in the 21st Century must be bold and innovative as well.” The St. Louis Regional Chamber will make a founding investment in the Yield Lab Galway from its Spirit of St. Louis Ventures fund, which has previously made founding investments in 5 early-stage business accelerators as part of a comprehensive strategy to support the formation of early-stage capital and to support entrepreneurs.
“Cultivation Capital has developed a significant interest in agricultural technologies,” Cultivation Capital General Partner Rick Holton added. “The Yield Lab has provided us with valuable insight into their portfolio companies that has consistently presented Cultivation with the opportunity to capitalize on promising investments. This was the value proposition that led us to invest in St. Louis, and this is why we are investing in Galway.”
About the St. Louis Economic Development Partnership
The St. Louis Economic Development Partnership leads in the development and growth of long-term diversified business and employment opportunities by creating innovative solutions that generate increased wealth and enhanced quality of life for the citizens, businesses and institutions of the St. Louis region.
About The Yield Lab
The Yield Lab brings together new innovative technologies focused on improving productivity, enhancing knowledge, eroding boundaries, and merging historically independent ecosystems into a more cohesive agricultural system. For more information, visit www.theyieldlab.com
About the St. Louis Regional Chamber
The St. Louis Regional Chamber is a broad community of leaders united for economic prosperity throughout the entire St. Louis bi-state region. The Chamber is the leading private sector economic development organization serving the 15+ county bi-state metropolitan area and the region’s largest and most diverse business organization. Its 1,000+ members employ nearly 30% of the region’s workforce. Economic prosperity – jobs, income, education, population, economic mobility, company growth – for the regional community is our uniting cause. For more information, visit www.stlregionalchamber.com
About Cultivation Capital
Cultivation Capital is a venture capital firm that supports extraordinary entrepreneurs. They are a family of venture funds that invest in technology, plant and life sciences companies. They have backed over 30 technology and life sciences companies since the firm was founded in 2012, making us one of the most active seed investors in the country. Cultivation Capital helps businesses accelerate their growth to achieve significant milestones with the help of their investors, general partners, and portfolio companies. For more information, visit www.cultivationcapital.com