A consortium comprising US-based international agri-food investor Finistere Ventures, Israel-based global investment platform, OurCrowd, Israel's largest food manufacturer Tnuva Food Industries Ltd. and Israeli drinks company Tempo Beverages will invest up to $100m in Israeli agri-food startups.
The partnership was created following the Israeli government’s establishment of an innovation incubator in Kiryat Shmona in northern Israel focused on FoodTech. The consortium will bid to operate the incubator.
Together Finistere, OurCrowd, Tnuva, and Tempo will actively encourage, support and invest in Israeli entrepreneurs building new companies to meet changing consumer trends and transform the agriculture and food chain. Thanks to the partners’ extensive industry network, entrepreneurs will also be able to gain direct access to leading global food and beverage giants such as PepsiCo, Bright Food, Heineken and Nutrien.
Finistere Ventures cofounder and partner Arama Kukutai said, "Israel has become a top innovation hub in the Food-Tech and Ag-Tech 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.
OurCrowd CEO Jon Medved said, "FoodTech is now one of the hottest dishes on the Israeli innovation menu. When four innovation master chefs Finistere, OurCrowd, Tnuva, and Tempo get together to cook and create the newest companies the results are going to be scrumptious."
Tnuva CEO Eyal Malis said, "Today, more than half of Tnuva's activity is located in the north of Israel. The Ministry of Economy's decision to establish the FoodTech project in the Northern city of Kiryat Shmona is a unique opportunity for us to reach groundbreaking results, and the fact that we have joined a number of strong partners with extensive activity and experience creates a strong foundation to promote and advance FoodTech innovation around the world."
Tempo chairman and 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 internalized 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."
The consortium will give entrepreneurs guidance across a broad 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.
Published by Globes, Israel business news - en.globes.co.il - on May 27, 2019
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