What We Look For In Investment Opportunities

At Synthesis, we feel incredibly fortunate to work with companies who are transforming the food system to solve some of the world’s most pressing problems. We are acutely aware that capital is harder to come by in today’s market, so we wanted to offer a clear view into what we look for when evaluating potential investments.

We asked each member of our team to share an area they focus on when assessing a company. Four themes emerged: scalable business models with strong economics, clear market demand, defensible IP portfolios, and resilient, mission-driven teams.

Strong Economics & Scalable Business Models

We look for business models that can scale efficiently and profitably.

Costa Yiannoulis, Managing Partner

Scalability grounded in realism - “Scalability is a non-negotiable for us. Food companies that will successfully and profitably disrupt the status quo need to be able to seriously scale their product or service. Scaling needs to be attractive from both a unit economics perspective, and a physical capacity perspective (these are two sides of the same coin). Firstly, the technology needs to demonstrate a clear path to achieve unit economics that unlock end product cost to a level that the vast majority of addressable consumers are willing to pay. Secondly, physically scaling (building larger versions of your means of production to be able to achieve your desired unit economics) needs to be feasible in the current macro environment with interest rates where they are (and are likely to stay) in the short term. In today's environment, growth and scale can’t come at any cost. That’s not to say that building large factories isn’t right for your company – but if that is your goal then it should come with a realistic plan on how to get there – and that plan can’t be getting venture dollars to build your production facility and to fund negative margins for years to come; nor can it be debt funding with 15-year payback periods.”

Shivani Oberoi, Principal

Capital-light, scalable business models - “I’m excited by the new wave of food tech and synthetic biology companies that are developing creative ways to monetise their products and services. Business models in our space have historically been capital-intensive and operated on low margins, limiting scalability and capping potential returns for investors. Startups are increasingly addressing this through mechanisms such as licensing models, royalties, joint ventures, strategic partnerships, and brownfield conversions. We’re now at an inflection point where these approaches are not just convincingly described on paper, but actively implemented and validated in the real world. Proof points for capital-light, scalable business models in food tech are now building, and the assumptions behind them continue to be pressure tested and refined - paving the way for greater investor confidence, stronger business fundamentals, and higher financial returns.”

Amanda Schaible, Senior Associate

Great unit economics with a path to price parity - “I’m a believer that the only way sustainable foodtech products will reach widescale adoption is if they can match or beat the prices of the conventional products that they are replacing. While there may be niche, higher-value introductory markets, driving system-wide impact requires competitive pricing. Most consumers will not pay more for sustainability. Given this, I’m a stickler for unit economics and am always looking for solutions that can bring costs down. I understand that not every company will be at price parity yet, so I look for companies who have a strong track record of reducing costs and a viable path to cost competitiveness that does not rely on moon shots.”

Proven Market Demand

We look for evidence that customers not only want the product—but are willing to pay for it.

Dr. David Welch, Chief Scientific Officer

Analysis-backed technoeconomics with validated product market fit - “Conducting a technoeconomic analysis early in product development is crucial to understanding key cost drivers and potential risks at commercial scale, allowing companies to strategically guide their R&D and scale-up experiments to mitigate these risks. However, even the most favorable technoeconomics are much less attractive without clear validation of product-market fit. The technology must address a genuine customer pain point that translates into market demand. Conversely, excellent product-market fit is far less convincing without strong underlying technoeconomics. Outsized investment potential emerges when companies integrate validated market demand with strong, scalable technoeconomics.”

Steve Molino, Principal

Companies solving customer pain points, not macro problems - “There is a tendency in the food space for companies to believe they are solving macro level problems (sustainability, chronic disease and health, etc.), but I get excited when founders are building solutions to a customer problem - one that addresses a real customer pain point. This may show up as strong commercial traction for companies already in market, illustrating potential product-market-fit. Or for pre-revenue companies, this may be evident through meaningful partnerships with strategics, a strong, active pipeline of conversations with eager customers, or even positive results from customer discovery surveys around interest in the solution and willingness-to-pay. Either way, the more a startup can prove there’s (1) a major customer pain, (2) their offering addresses that pain, and (3) customers are willing to pay for this solution at prices that make sense for the business, the more I want to dig into the potential investment opportunity.”

Defensible Intellectual Property Portfolios

We look for companies protecting their innovation.

Rosie Wardle, Partner

Strong IP moat to protect competitive advantage - "For start-ups, establishing a robust intellectual property strategy early in their journey is essential to protect differentiation and to entrench their competitive moat. At Synthesis, the companies we invest in are scaling innovative technologies, novel products, or unique business models to disrupt established markets; protecting these assets to ensure they cannot be easily replicated by competitors is critical. It's important to remember that an effective IP strategy doesn't just mean a patent portfolio; depending on the approach of the company and their core technology, having strong patents can indeed be essential. But what we look for is a layered strategy combining patents, trade secrets, data advantages, and other elements, which will build defensible value that not only protects the start-up from competitors, but also attracts investors and strategic partners. A well-managed IP strategy can become a critical asset during fundraising, licensing deals, or M&A discussions, providing leverage and credibility that can significantly impact valuation and future success."

People & Purpose

We look for leaders with grit and a deep sense of purpose.

Andreas Hadjiyannis, Director of Finance & Operations

Resilient teams that deliver under pressure - “Although I’m not part of the investment team, in my role across finance and operations I get to see how different portfolio companies operate over time. From that perspective, one thing that consistently stands out is the strength of the team. The companies that stand out to me are typically led by founders who are genuinely mission-driven, quick to adapt, and willing to make tough decisions under pressure. In my view, a key ingredient is having the right people - those who can execute, adjust, and keep moving forward when things inevitably get difficult.”

Georgina Sánchez Moles, Analyst

Mission-driven founders with huge impact potential - "I look for companies that solve real, meaningful problems, not imagined ones, and whose founders are crazy enough to obsess over fixing them. The best founders can’t not do it. This “why” drives the company’s mission and builds the kind of resilience needed to push through when things inevitably get though. For me, impact is central to every investment decision, and core to who we are at Synthesis, where we back teams solving urgent challenges at a global scale. The kind that are essential to securing a liveable planet for future generations. Your energy is finite. Don’t waste it building something that doesn’t matter."