Investments will be made in companies founded by Oklahomans
NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Generation Food Rural Partners ("GFRP”) Fund is proud to announce its commitment to fund the Oklahoma Farm Bureau's ("OKFB”) accelerator program, investing in start-up companies based in Oklahoma. This marks the ninth investment for GFRP, a fund managed by Big Idea Ventures ("BIV”), a global investment leader within the food-tech, agri-tech, and materials science sectors.
The investment is made possible by new capital commitments to the Fund by the OKFB, Oklahoma AgCredit, BancFirst, and the Oklahoma Center for the Advancement of Science & Technology ("OCAST”). OCAST will provide matching funds for the investments made through this partnership. CoBank, one of the Fund's anchor Farm Credit investors, also increased their commitment to the Fund.
"We are honored that Rodd Moesel and the team at the Oklahoma Farm Bureau chose GFRP to facilitate this critical investment partnership.” shared Tom Mastrobuoni, Chief Investment Officer for BIV. "Accessing venture capital investment remains a struggle for start-ups not located on the coasts of the US. Our focus on living wage job creation in rural communities is strongly aligned with the mission of the OKFB program.”
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"Oklahoma Farm Bureau is elated to be a part of the partnership with Big Idea Ventures and Generation Food Rural Partners Fund, Oklahoma Farm Bureau, and other committed Oklahoma investment partners,” said Oklahoma Farm Bureau President Rodd Moesel. "This collaboration will provide capital infusions through an Oklahoma-centric, Oklahoma-guided funding opportunity into the Oklahoma Grassroots Rural & Ag Business Accelerators' startup companies and other rural businesses we work with across Oklahoma who are creating rural jobs and shaping agricultural innovation. We're grateful to Tom Mastrobouni and the team at Big Idea Ventures for stepping into this important space with us. We hope this is an important first step to encourage much more venture capital & other investments into the amazing innovation we see across rural Oklahoma.”
Jennifer McGrail, Executive Director of OCAST, shared her enthusiasm for the collaboration, stating, "OCAST is proud to support this partnership with Generation Food Rural Partners and the Oklahoma Farm Bureau. By helping local start-ups get the funding they need, we're building a stronger future for Oklahoma's rural communities. It's all about investing in our local talent and making sure innovative ideas have the backing to succeed here in Oklahoma.” McGrail also adds that this collaboration exemplifies OCAST's commitment to driving economic development and championing Oklahoma-based innovations.
Bill Davis, President & CEO at Oklahoma AgCredit, stated, "We believe the Fund's mission and purpose align well with the mission of the Farm Credit System and are pleased to help support the Fund's focus on Oklahoma companies.”
About Oklahoma Farm Bureau
As Oklahoma's largest general farm organization with members in all 77 counties represented by 77 county Farm Bureaus, Oklahoma Farm Bureau is a grassroots organization that gives a voice to Oklahoma's farmers, ranchers and rural communities. Directed and guided by Oklahoma farmers and ranchers, Oklahoma Farm Bureau advocates for our state's agriculturalists in rural communities around our state and in the halls of Congress in Washington D.C. Oklahoma Farm Bureau's Oklahoma Grassroots Rural & Ag Business Accelerators program is a collaborative rural development initiative from Oklahoma Farm Bureau along with national and state-level partners that develops Oklahoma-based innovators creating ideas, technologies and products creating economic opportunities in rural Oklahoma.
About Generation Food Rural Partners
Generation Food Rural Partners ("GFRP” or the "Fund”) is a RBIC-licensed investment fund designed to drive economic growth and development in rural communities in the US. The Fund invests in the area of food, agriculture, and protein technologies to form new companies based on intellectual property. GFRP is backed by members of the Farm Credit System, including Farm Credit Services of America, CoBank, Compeer Financial and Mid-America Farm Credit. GFRP is a part of Big Idea Ventures ("BIV”), a global investment leader within the food-tech, agri-tech, and materials science sectors. For more information, visit https://bigideaventures.com/generation-food-rural-partners/.
Media Contacts
Oklahoma Farm Bureau | Amarie Bartel | [email protected] | 405-523-2344
Big Idea Ventures | Tom Mastrobuoni | [email protected] | 201-725-3800
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88be7881-e55f-492e-8205-16664ab34e95
