Putting money down for agrifood’s future

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Putting money down for agrifood’s future

Putting money down for agrifood’s future
As part of the COVID-19 Bridge Fund, the food branch of the European Institute of Innovation & Technology (EIT Food) announced that it will invest €5.4 million in 13 high-impact agrifood entrepreneurs. The EIT’s Crisis Response Initiative will contribute a total of €4.088 million, and EIT Food has contributed an additional €1.3 million in an effort to support the initiatives beyond the pandemic. The CEO of EIT Food, Andy Zynga, was interviewed by New Food to learn more.

What makes programmes like the COVID-19 Bridge Fund necessary?

A: The pandemic has already had a significant negative impact on startups with significant development potential, and as long as COVID-19 is still circulating, this situation will persist.

During COVID-19, startups have faced difficulties because they are already stretched thin financially, are frequently not yet profitable, and must incur high costs for research and development. Projects like EIT Food’s COVID-19 Bridge Fund can be extremely helpful in sustaining the essential R&D and innovation occurring within the agrifood sector.

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To what extent do startups play a role in the agrifood sector’s overall pandemic recovery?

A: In order to ensure that at least some positive trends are accelerated, we think it is essential to help agrifood industry entrepreneurs during this crucial period. In order to combat climate change and enhance our food system, the agri-food sector needs the innovative ideas that startups bring to the table. Even while the COVID-19 scenario is complicated and market solutions to issues with the food system may have been hampered or delayed, there are a lot of new chances that the pandemic offers for adjusting to a new way of life and, in some circumstances, accelerating more radical progress.

How did the startups get chosen?

A: EIT Food’s goal has been to assist as many businesses as it can. For this reason, we are pleased to have been able to contribute an extra €1.3 million from EIT Food funds, surpassing the funding provided by the EIT’s Crisis Response Initiative.

Unfortunately, like with every competitive call, we had to choose from among the more than 100 applications that were submitted. This was accomplished via a rigorous evaluation procedure with well-defined standards. These comprise the applicants’ development and impact potential as well as the degree to which the enterprise benefits greatly from funds provided by the Bridge Fund. To put it another way: to ensure its survival and close the gap before the next round of funding.

According to a statement from EIT Food, the chosen businesses are involved in a variety of fields, such as targeted nutrition, sustainable agriculture, circular food systems, and alternative proteins. The following 13 startups were chosen: Feltwood (ES), Foodpairing (BE), Food Sourcing Specialists (ES), NapiFeryn (PL), Phytolon (IL), Sencrop (FR), Alberts (BE), Antofénol (FR), Consentio (ES), Eatch (NL), and Epinutra (NL).

What results does EIT Food expect from this investment?

The strategic goals of EIT Food are to assist in moving the world’s food system towards a more transparent, sustainable, and healthful course. With the help of the COVID-19 Bridge Fund, companies will be able to prolong their runway, keep up their innovative work, and get ready for more funding. In the end, the initiatives that receive funding will be able to further EIT Food’s own strategic goals while continuing to have a good economic, social, and environmental impact.

In the aftermath of COVID-19, is EIT Food working on any additional projects?

A: We continue to provide various funding options and other forms of entrepreneurial support through our Business Creation programmes, which were started prior to the COVID-19 pandemic. These include RisingFoodStars, which provides exceptional early scaleups with access to resources and partners that will help them advance and accelerate, Seedbed, a pre-accelerator programme that turns creative ideas into market-validated business propositions, and EIT Food Accelerator Network, a programme that builds skills, provides mentoring, and exposes participants to markets and partners.

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