srael Innovation Authority selected Sparks FoodTech, owned by the food and beverage corporations Tnuva and Tempo, and the investment funds OurCrowd and Finistere, as the winner in a process to establish and operate a food technology incubator in the Safed district.
Israel –a technological superpower in the Food sector as well!
Israel Innovation Authority selected Sparks FoodTech, owned by the food and beverage corporations Tnuva and Tempo, and the investment funds OurCrowd and Finistere, as the winner in a process to establish and operate a food technology incubator in the Safed district
Leading international corporations competed in the bid to establish a food incubator pledging investments of hundreds of millions of dollars
A tender to establish a joint FoodTech campus in Kiryat Shmona, which will include a micro-industry site, research institute for food innovation and innovation communities, will be published soon
Jerusalem - June 11, 2019 - Following an eight-month long competitive process, the Israel Innovation Authority's research committee selected "Sparks Foodtech Food Technologies" to establish a new FoodTech incubator in the Safed District. Sparks received an eight-year license to assist entrepreneurs and invest in new startup companies.
Sparks FoodTech is comprised of Tnuva, a large and leading group in the food sector, operating across the entire value chain of the food sector, especially in the development, manufacturing and marketing of various food products. Tempo, a veteran Israeli beverage company, is among the leading food and beverage companies in Israel. The American venture capital fund, Finistere, leading investor in the food and agriculture markets, whose investors include leading global players such as Bayer, PepsiCo, UniGrain and Nutrien. The fourth member is OurCrowd, a leading equity crowdfunding platform for investing in global startups that has raised a total sum of about $1 Billion during its six years of operation.
Throughout the duration of the franchise, the companies comprising Sparks will invest in innovative startup companies, by leveraging their investment via the Innovation Authority's 85% grant provided to each startup company up to a total sum of about NIS 6 million for a period of 3 years.
The synergy and collaboration between the companies that comprise Sparks FoodTech will allow the incubator to provide a unique support system across the entire value chain of the food sector, including local and global capabilities. Furthermore, they will provide comprehensive support throughout the entire life span of the startups, starting at the very early stages all the way up to advanced financing rounds. This partnership is expected to significantly strengthen the food innovation ecosystem in Israel.
Minister of Economy and Industry, Eli Cohen: "The establishment of a technological incubator in the northern region is another important step towards turning Israel into a superpower in the food technology sector as well. In view of our success in the cyber, medical devices and autonomous cars sectors, we are marking the next goal – the FoodTech industry. Together with the establishment of the FoodTech campus in Kiryat Shmona, the unique technology incubator marks a significant milestone and an important message for the Eastern Galilee region, as it will create significant economic value for the entire region and draw many investments as well as industry and human capital. We will continue promoting industry in general and in the northern periphery in particular, a task that is a top priority for the Ministry of Economy and Industry."
Dr. Ami Appelbaum, Chairman of the Israel Innovation Authority and Chief Scientist at the Ministry of Economy and Industry: "The Sparks FoodTech incubator builds on the strong partnership between four entities with complementary capabilities: Tnuva and Tempo, two major companies in the food and beverage industry, along with Finistere, specializing in investments in the food and agriculture sectors, and OurCrowd that boasts extensive experience with startup investments.” Appelbaum added, “the decision to select Sparks FoodTech was based, among others considerations, on the extensive experience of the partners and the team that will lead the incubator's management, investments and support of FoodTech companies. The unique combination of the principals is expected to give the entire innovation ecosystem, and the Safed district region in particular, an additional boost, bringing high added value to food technologies' startups by providing access to manufacturing facilities, labs, technology and business experts along the entire value chain, combined with strategic partners and follow up investments."
Anya Eldan, VP and Head of Startup Division, Israel Innovation Authority: "Technological incubators provide significant and essential added value in guiding companies in their initial stages, whether by access to their extensive network and potential customers, or extensive business and technology experience in bringing products to full commercialization. Eldan explains that in 2014, "The-Kitchen" incubator, operated by the Strauss Group was selected to establish a food incubator in Ashdod. In recent years, this incubator spearheaded a new food ecosystem resulting in the establishment of hundreds of enterprises that merited the establishment of an additional FoodTech incubator."