Austria: Schoenherr advises EIC Fund on investment in Kern Tec's EUR 12m Series A financing round

"We are happy to have had another opportunity to support EIC throughout this significant investment and financing round in our region," said partner Thomas Kulnigg, who headed the Schoenherr team. "Congratulations to all parties involved."

The EIC Fund was set up as a capital fund under private law with the European Commission as a shareholder to fund companies selected under the EIC Accelerator. With a budget of over EUR 10bln, the European Innovation Council (EIC) is strengthening Europe’s leadership in deep tech innovation by generating a pipeline of startups with the potential to become unicorns.

Kern Tec is an Austrian food tech company that has developed a process to extract oils and proteins from previously unused fruit seeds. Stone fruit kernels are used as the basis for plant-based milk, yogurt, ice cream and cheese. The products are offered in Rewe stores such as Billa, Billa Plus and ADEG.

The Schoenherr team advising the EIC on its investment was led by Thomas Kulnigg (partner) and further consisted of Clemens Pretscher (attorney at law) and Maximilian Czernin (associate).

Telos Impact, the lead investor in this financing round, was advised by BRANDL TALOS.

Kern Tec was advised by Felix Kernbichler and Philipp Herold.