Israel-based food provider Tnuva Food Industries and beverage producer Tempo Beverages joined equity crowdfunding platform operator OurCrowd and venture capital firm Finistere Ventures yesterday to launch a food-focused investment consortium.
The four will invest up to $100m in Israeli food and agricultural technology startups, but it remains unclear whether the money will be invested through a dedicated fund or whether the partners will invest their share of the commitment directly.
The group will focus on the entire food and beverage sector, ranging from alternative proteins and nutritional value improvements to companies working on functional ingredients and increasing supply chain efficiency.
Portfolio companies will benefit from the knowledge and resources of the partners, accessing guidance on technology and business development, due diligence, team building, early-stage funding and food production and marketing.
The startups will also be able to tap into the corporates’ industry networks, which include food and beverage producers such as PepsiCo, Bright Food, Heineken and Nutrien.
The partnership follows the creation of a foodtech incubator in the northern city of Kiryat Shemona by Israel’s Ministry of Economy. Tnuva, Tempo, OurCrowd and Finistere are also bidding to operate the incubator, which will form part of a larger innovation hub.
Jacques Beer, Tempo’s chairman and chief executive, said: “The food industry, a traditional industry at its core, is experiencing the challenges of the new world, one of rapid change and innovation, in both product and process.
“At Tempo, having internalised the need and desire to be at the forefront of this development, we have innovated and renewed all our areas of activity. In both products and processes, we have worked closely and intensively with our international partners.
“This is the knowledge and experience we seek to bring into the consortium. We are confident that together with our partners, we will develop in Israel’s northern region, the next great technological breakthroughs of Israel in the world of foodtech.”
