Eatable Adventures celebrated last week an investors’ demo day for the first cohort of Spain FoodTech, its main program. Five startups showcased their progress after a 6-month high-performance acceleration program, focused on building strong technology-based startups in the agri-food value chain (Full video here).
More than 200 startups applied for the first edition of Spain Foodtech which includes foreign entrepreneurs willing to settle their headquarters in Spain from other countries.
The agri-food sector plays a strategic role in the Spanish economy, accounting for 9.2% of GDP and 11.9% of employment while experiencing a revolution in the application of technology with more than 400 active Foodtech startups. In this context Spain's FoodTech Startups Program was born, the acceleration program promoted by Eatable Adventure and supported by the National Center for Food Technology and Safety (CNTA) and ICEX Spanish government leg for Export and Investment.
The 5 selected startups, Cocuus, H2hydroponics, Innomy, Moa foodtech, and Proppos, have received a personalized acceleration plan with access to the technological support of CNTA, focused on achieving technological development and consolidation. During this period, they have seen their business models reinforced and evaluated, their technological applications reformulated and tested, they have built a proper go-to-market plan, and received help in their search for funding in order to scale. All these efforts have resulted in a boost for the startup's valuation, which has been multiplied by more than 6 times, with an average valuation of 7,5m € which is being reflected in the resulting funding rounds.
Hyper-realistic 3D printed plant-based steak, proteins creations through fermentation, mycelium based burgers, check out technologies and hydroponic vertical and indoor farming are the five disruptive technologies protagonists of the program, developed by:
● COCUUS: presented its MimETHICA platform, designed for large-scale bio-printing of plant-based products analogous to recreate animal protein, from steaks to salmon sashimi.
● PROPPOS AI: applies artificial intelligence and computer vision to offer an unattended Point of Sale solution for foodservice.
● INNOMY: has developed a range of animal protein substitute products based on the cultivation of mushroom mycelium.
● H2HYDROPONICS: has designed and operated hydroponic vertical farming and indoor farming facilities in the most extreme climates. They have launched Atlantic Farms, a concept of local and technological production, which will revolutionize the 4th RANGE salad sector, implementing a sustainable production model in the same communities where it is consumed.
● MOA Foodtech: combines biotechnology and artificial intelligence to convert waste and by-products from the agri-food industry into a ''next-generation protein'' with a high nutritional value and is 100% sustainable.
“Several of the Spain Foodtech startups are already getting solid traction with leading international investors and corporations. They have managed to generate an amazing intellectual property that is having a strong social impact. It is a quantitative and qualitative success, and the value of the startups has multiplied by 6.3 during the program" affirms José Luis Cabañero CEO and founder of Eatable Adventures.
Spain Foodtech program is run annually, the applications for the next cohort are open for the 2022 edition on spainfoodtech.es. The applications’ deadline is September 30th.
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