The Brazil-based venture firm has secured BASF and Syngenta Ventures as limited partners as it reaches a $17.2m close for an agritech fund with a $50m target.

Chemicals producer BASF and agribusiness Syngenta have backed the $17.2m first close of an agricultural technology-focused fund being raised by Brazil-based venture capital firm SP Ventures, AgFunderNews reported yesterday.

The fund has a $50m target for its close and its limited partners include undisclosed angel investors and an unnamed US-based fund-of-funds. Syngenta contributed through Syngenta Ventures, its corporate venturing subsidiary.

The vehicle will invest between $100,000 and $6m across seed and series A rounds, targeting the entire agricultural supply chain.

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