WeWork Labs, the startup accelerator owned by US-based co-working space operator WeWork, plans to invest $1m in food and agriculture startups, Eater has reported.
The unit will provide a total of $1m in equity financing for approximately 10 startups, with a particular interest in technology that can be utilised by food producers, according to Roee Adler, the global head of WeWork Labs.
Alder said: “One of the most interesting areas of innovation in the world today is food, and we are uniquely positioned to support the next generation of food and agriculture startups.
“We believe that by creating a space for the most inspirational innovators and inventors to come together, we can help them make their mark on the world while also helping us invent our own future.”
The company disclosed its intention along with the launch of Food Labs, a co-working space and innovation laboratory that will provide areas for research and development as well as a food pantry and event space to be used by approximately 60 paid members.
WeWork recently restructured itself into The We Company which consists of WeWork, an accommodation-focused division known as WeLive and a coding academy called WeGrow.