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Food and Beverages | Monday, June 13, 2022
From vertical farming to cellular agriculture, the food tech scene is exploding
FREMONT, CA: A typical US scenario where Starbucks customers are sipping Perfect Day’s precise fermentation-derived diary. Similarly in a restaurant in Singapore, guests are eating cell-grown chicken. Food-tech funding has also increased, as investors seek to participate in the growing industry. Close to 100 investors are thought to be involved in the food-tech space right now, with some signing numerous tickets per year. For example, Bright Idea Ventures made around 50 investments in 2021, making it one of only a few firms to make more than 20 in that time frame.
The accelerator/incubator cohort saw comparable trends for the most part. Biotech and fermentation – both classic and next-gen – to manufacture B2B ingredients for the industry were both prominent topics. Consider alternatives to cell-cultured fat, precision fermentation-derived dairy, and mycelium-based meat. When asked what kind of food tech breakthrough Eatable Adventures hopes to see from Mylkcubator in the future, Itzia Ortega, Senior VP of Global Operations, speculated that it may be something altogether new. MOA Foodtech, which is transforming food waste by-products into sustainable protein via fermentation; alt meat and fish start-up Cocuus; and mycelium-based alt protein producer Innomy Labs are among the 11 food tech start-ups in Eatable Adventures' portfolio.
Alternative protein-focused in the world Several cohorts have passed through ProVeg Incubator's accelerator. These companies primarily focus on new ingredients and completed products, utilising everything from faba protein and algae to precision dairy and mycoprotein fermentation. The current regulatory environment in Europe and abroad makes it difficult for these start-ups to commercialise innovative products. However, Louise Cullen, ProVeg Incubator's Senior Marketing & Communications Manager, expects this to alter in the future.
Furthermore, ProVeg Incubator anticipates that it will work with more ingredient companies that offer 'lean and scalable' alternatives to the protein industry, and start-ups that have innovative plant-based product solutions that combine local ingredients, a clean label approach, and smart technology. Finally, the accelerator expects to see a variety of hybrid goods emerge from start-ups that combine cell-based and plant-based ingredients, as well as those exploring technology combinations to make the most of fermentation and culture processes.