Canada-based Rio Investment Partners, a venture capital (VC) firm, has launched a new VC fund with an investment of C$77.5 million ($58 million) in its first close.

Rio intends to commit $112.3 million in total capital for the new agriculture food technology venture capital fund.

The new fund has investors including Farm Credit Canada, an agricultural term lender.

Rio's VC fund will invest between $3 million to $10 million in growth-stage companies operating in various segments of the agriculture-food technology market across North America.