In 2024, AIF achieved a net profit of €1.2 million and invested a total of €11.9 million in promising companies developing new and sustainable solutions for agriculture and horticulture in Belgium and beyond.
AIF invested a total of €11.9 million in 2024, the majority of which went to follow-on investments in its existing portfolio, complemented by one new participation. No significant exits were realized. The net profit of €1.2 million for the financial year resulted from received dividends and interest, supplemented by additional income from the final settlement of an old investment case. These revenues exceeded operational costs and the total negative impact of some adjustments to the accounting valuations within the investment portfolio.
Thanks to this year’s result, AIF’s equity increased to a total of €62.3 million by the end of 2024. Of this, €60.3 million has been effectively invested in 10 portfolio companies. In addition, AIF has €4.5 million in (conditional) commitments for further investments within the existing portfolio.
These remain challenging times for agri-tech. After a surge of enthusiasm between 2018 and 2021, the sector has since faced a reality check. The market proves difficult to enter due to a combination of limited pricing power, heavy regulatory pathways, the dominance of a few key players across the value chain, and, since interest rates have risen, restricted access to capital. The lack of significant exits in the sector also increases uncertainty among investors, who have become noticeably more cautious and selective. However, there are also bright spots. Governments are increasingly recognizing the need for solutions and appear willing to reconsider regulatory pathways. Various government-related vehicles are also providing more supplementary funding. Meanwhile, the need for new solutions in agriculture is becoming more urgent due to issues such as resistance and stricter environmental standards. Fortunately, we continue to see strong entrepreneurial spirit among start-ups tackling these challenges, and thanks to a combination of impact-driven investors and public funding, a positive dynamic persists in this difficult environment. AIF is therefore more committed than ever to fulfilling its role and responsibility, continuing to invest through these cycles and across all domains that can positively contribute to agriculture and horticulture.
Throughout 2024, AIF continued to support its existing participations. An additional €5 million was invested in Biotalys, which develops new biological crop protection products based on llama antibodies (a technology already successfully applied in human medicine). AIF also invested an additional €2.3 million in Aphea.Bio, which develops new biostimulants and biocontrol agents for crops based on microbial organisms. With an additional injection of €1.5 million, AIF supported the further improvement of protein crops by Protealis, an important goal in supporting the protein transition (from animal- to plant-based proteins). AIF also continued to support the sustainability of livestock farming, with investments of €766,000 in Virovet (which develops new antiviral agents and vaccines for livestock) and €870,000 in Animab (which aims to combat gastrointestinal diseases in livestock using edible antibodies). To further stimulate innovative solutions for agriculture, AIF also invested in Biotope Ventures, a start-up studio linked to VIB, contributing an additional €250,000.
In 2024, AIF added one new participation to its portfolio. With an investment of €1.2 million in Biocsol, a start-up spun out of the University of Louvain-la-Neuve (UCLouvain) focused on biocontrol agents based on microbial metabolites, AIF also entered the growing Walloon agri-tech ecosystem.
As an evergreen investment fund, AIF continues to invest for the long term thanks to the support of its shareholder M.R.B.B., with the unwavering ambition of fostering a stronger and more sustainable agriculture and horticulture, with special attention to positive impact – not only for the environment but also for the farmer. This commitment was further underlined in 2025 by a €20 million capital increase by M.R.B.B. and the investments already made in two new participations, including a first investment outside Belgium.
