Puratos joins EIT Food in FoodSparks to foster the next generation of agrifood innovators

By Gill Hyslop

- Last updated on GMT

Pic: GettyImages/EtiAmmos
Pic: GettyImages/EtiAmmos

Related tags Puratos EIT Food PeakBridge agri-tech FoodSparks

FoodSparks – a seed fund tailored to support the most promising European early-stage enterprises – has been set up by EIT Food and capital fund manager PeakBridge, along with investors like Puratos, Givaudan and Stockholm-based investment firm Gullspång Re:foodiary, among others.

The FoodSparks fund will invest up to €30m over a span of up to four years in the most promising projects around solutions to solve some of the world’s most pressing problems in food production, supply and sustainability.

The fund – managed by PeakBridge – will target approximately 10 early-stage enterprises each year. To qualify, the ventures must be domiciled in Europe/EFTA and Israel; have protectable and scalable technology; and be aligned with EIT Food’s mission of making the food system more sustainable, healthy and trusted.

In addition to capital, the startups will be given access to advice and mentoring from the wider EIT Food community, along with potential co-investment and follow-on opportunities from investors in the fund, including Puratos, Ordway Selections, CPT Capital, Givaudan and Gullspång Re:food.

Privileged access

“In addition to privileged access to deal-flow, due diligence and business development, the collaboration between EIT Food and FoodSparks by PeakBridge will offer our portfolio companies direct access to the EIT Food network thus creating significant additional value in addition to our investment,”​ said Erich Sieber, managing partner of PeakBridge.

Andy Zynga, CEO of EIT Food, added, “Funding the next generation of agrifood innovations is one of the most important steps we can take in ensuring a sustainable future for the global food system. That is why we are so excited to announce the launch of the FoodSparks fund.

“By working with PeakBridge and its venture capital resources, we can offer entrepreneurs and start-ups across Europe the chance to realise their ambitions and scale up their ideas – whether that’s finding the next big meat alternative or reducing food waste.”

PeakBridge Partners is an Alternative Investment Fund manager and Investment Services Firm and a core member of EIT Food, set up by the European Institute for Innovation & Technology in 2008 with the aim to create a sustainable and future-proof food sector.

The platform collaborates with consumers to develop new knowledge and technology-based products and services that will ultimately deliver a healthier and more sustainable lifestyle for all European citizens.

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