Astanor Research
Investment Thesis
Astanor (formerly Astanor Ventures) is a Brussels-based impact investor built around a single conviction: the agrifood system has reached a tipping point where incremental change is no longer sufficient, and only systemic disruption and regeneration of the food and agriculture value chain can restore health in human, planetary, and economic terms. The firm frames its mandate as investing "from soil and sea to gut" - backing entrepreneurs building scalable solutions across the full agrifood stack, from production inputs and farm technology through processing, packaging, and the food-as-medicine end of the value chain. Astanor positions itself as one of the earliest and largest dedicated agrifood impact investors in Europe, with a track record of scaling category-defining companies and a disciplined, thesis-driven approach to sourcing.
Stage Focus
Astanor runs two complementary strategies. Astanor Venture invests at pre-seed through Series A (and selectively beyond) in early-stage agrifood and climate startups. Astanor Growth targets growth-stage and small buyout opportunities in already-profitable agrifood companies generating roughly EUR10M-EUR200M in revenue, giving the firm reach across the full company lifecycle from first check to scaled buyout.
Check Size
Ticket sizes span from roughly EUR1M at seed up to EUR25M for growth and Series C+ rounds, with Astanor Growth writing larger checks into revenue-generating buyout targets. The firm frequently leads or co-leads rounds, as seen in its Series A investments in Reshape Biotech and Tractor Junction.
Lead Tendency
Astanor leads or co-leads a large share of its rounds, particularly at Series A, positioning itself as an anchor investor that brings both capital and hands-on operational support (impact measurement, regulatory navigation, and go-to-market in food/ag-specific channels).
Recent Activity
Astanor closed a EUR360M second venture fund (Astanor Venture II) in September 2023, building on its original $325M Global Impact Fund, and now manages roughly EUR800M-EUR1B in total assets under management. As of mid-2026 the firm has made 50+ investments and remains actively deploying, including its first investment in India (Tractor Junction, a rural auto-fintech and equipment marketplace, November 2025) and continued follow-on activity across its European and US portfolio. The portfolio has also seen consolidation: BettaF!sh (Wunderfish) was acquired by Bayou Best Foods in July 2026 to build a transatlantic plant-based seafood platform, and Stockeld Dreamery's vegan cheese assets were acquired by Bettani Farms in December 2025 after the company wound down.
Portfolio Highlights
Astanor's portfolio includes three unicorns - Apeel, Infarm, and Ynsect - alongside a broad bench of agrifood, biotech, and climate companies spanning precision agriculture (Akson Robotics, AgZen, iUNU), alternative proteins and food-as-medicine (v2food, Plantible, Holobiome, Heali AI), sustainable materials and packaging (Notpla, Calyxia, MiTerro, Matrix Pack), regenerative agriculture finance (Miimosa, ProducePay, CrowdFarming), and lab automation/biologicals (Reshape Biotech, Aphea.Bio, Switch Bioworks). The firm counts 7 portfolio exits to date.
Team
Astanor's investment team is led by Senior Managing Partner Eric Archambeau (co-founder) and Managing Partner Hendrik Van Asbroeck, supported by a partnership that includes Emmanuel Faber (former Danone CEO), Harry Briggs, Benoit Boisseuil, Helene Henry-Prince, Leslie Kapin, George Powlick, Christina Ulardic, Venture Partner Dan Cohen, and Investment Principal Marie Wennergren. The firm employs 20+ investment and operating professionals across 5 offices in Europe and the US, backed by a dedicated Value Creation & Impact team and a roster of food-industry advisors.
Decision Process
Astanor operates as a multi-partner investment team spanning European and US offices, consistent with a partnership-style decision process rather than a solo-GP or formal IC structure.
Founder Preferences
Astanor gravitates toward technical and mission-driven founders tackling structural inefficiencies in the food and agriculture system - scientists commercializing novel biology (fermentation, biologicals, biomaterials), and operators building infrastructure (fintech, marketplaces, robotics) for underserved agrifood value chains, including emerging markets like India.
Geographic Focus
Primarily Europe and the United States, with a 2025 expansion into India via its investment in Tractor Junction.