Finistere Ventures has created a consortium with three Israeli companies to invest up to $100 million in food tech start-ups in Israel.
The venture capital investor has partnered with food manufacturer Tnuva, drinks company Tempo Beverages and venture investor OurCrowd.
Centred on technologies in the food and beverage value chain – from alternative proteins and nutritional value improvements to functional ingredients and supply chain efficiency – the consortium will actively encourage, support and invest in Israeli entrepreneurs.
The partnership was created following the Israeli government’s establishment of an innovation incubator in northern Israel focused on food-tech.
Thanks to the partners’ industry network, entrepreneurs will also be able to gain direct access to food and beverage companies such as PepsiCo, Bright Food, Heineken and Nutrien.
Finistere Ventures co-founder and partner Arama Kukutai said: “Israel has become a top innovation hub in the FoodTech and AgTech arena. We are committed to expanding our local partner network and, most importantly, increasing our investment in, and support of, Israeli disruptors across the entire food and ag value chains as they look to penetrate the global market.”
The consortium said it will give entrepreneurs guidance across a range of activities, including technology development and due diligence, team building, business development, seed and Series A investment strategies, and the production and marketing of food.
Tempo CEO Jacques Beer 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 food-tech.”
© FoodBev Media Ltd 2019
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