Areas Selects Winning Startups for the Second Edition of ‘Areas for Change Challenge’

Areas have chosen four projects to develop real solutions to sector challenges regarding sustainability.

Areas, the international leader in food & beverage and travel retail, headquartered in Barcelona, has selected the 4 winning startups of the second edition of ‘Areas for Change Challenge’, developed in collaboration with Eatable Adventures, one of the world’s leading Foodtech accelerators. This challenge is part of the company’s global ESG strategy, ‘Areas for Change’, which focuses on people, the planet, and the future of travel. Specifically, the company aims to provide sustainable and innovative solutions to reduce its environmental footprint and thus contribute to the fight against climate change and guide the company’s activity towards greater sustainability.

This second edition of ‘Areas for Change Challenge’, launched by Areas in November for the international entrepreneurial community, aims to find concrete and feasible solutions to the company’s challenges for the coming years and those of the Food & Beverage and Travel Retail sector, this time focusing on sustainability.

From the numerous applications received from startups in the United States, Europe, and Asia, Areas, and Eatable Adventures have selected 4 winning projects (one for each of the categories: recycling, water management, returnable packaging, and circularity in uniforms):

The Utrecht-based startup, Orbisk, is in the ‘recycling’ category, for helping the hospitality industry significantly reduce food waste. Its innovative solution automatically records and recognizes discarded food, detailing the type, quantity, and time of day. Its technology allows teams to immediately engage in waste reduction initiatives without the need for training. Furthermore, information capture and data collection require no manual intervention by the user.
Shayp, a Belgian startup, in the ‘water management’ category, for implementing intelligent algorithms to enable its users to address the issue of water scarcity, achieving a 21% reduction in water consumption. Its patented IoT technology is versatile, as it adapts to any type of water meter without requiring complicated installations and guarantees a 10-year battery life.
The Paris-based Bibak, in the ‘returnable packaging’ category, for revolutionizing the takeaway food sector and addressing the issue of single-use packaging through an innovative sustainable system that includes food containers, connected kiosks, and a highly efficient operational process. The company implements terminals that facilitate the return process for consumers, providing an automated solution that integrates refunds, cashback, and gamification. Through this comprehensive system, customers enjoy detailed inventory tracking, precise return rate measurements, refund flow control, as well as quantification of environmental impact and generation of real-time personalized reports.
Areas have also awarded the Barcelona-based startup ‘Circoolar’ for providing solutions in fashion, textiles, and their applications related to employee uniforms. In this regard, Circoolar specializes in the ethical and sustainable production of work uniforms, as well as in the creation of textile merchandising under the principles of circular economy and social impact.

These companies will have the opportunity to work with Areas, access its international network, and develop a pilot program at one of the points of sale.

The selected startups were received by Areas at an event held at the company’s global headquarters in Barcelona, during which the entrepreneurs were able to explain their proposal in detail, meet, and present their products to the project’s driving team and the Areas global management team.

Video Areas for Change Challenge 2024

About Areas

International leader in food and beverage and travel retail. With a presence in 10 countries, the company manages more than 2,000 restaurants and stores in Europe and America.

With a team of 20,000 people and locations in the main transport hubs in the world (airports, train stations, travel plazas on highways), as well as leisure parks, Areas provides service to more than 350 million customers every year.

Founded in 1968 in Barcelona, Areas is committed to offering high-quality services to travelers. Since then, Areas has become a global benchmark operator in the industry, with a deep knowledge of travelers’ needs and the widest range of restaurant concepts in the market.

20/02/2024/by Eatable Adventures

Ecosystem, Foodtech

The rise of agri-foodtech in Italy is marked by significant developments: investments totaling 167 million euros, over 340 startups active in the sector, a notable female presence, and a prominent emphasis on artificial intelligence

With over 740,000 agricultural companies, 330,000 catering businesses, 70,000 food industries, and 4 million workers, the Italian agri-food market ranks as the 3rd largest in the European Union. In 2023, it generated more than 65 billion euros, equivalent to 3.8% of the total Italian economy.

It is therefore not surprising that many new entrepreneurial ventures are emerging, aiming to rejuvenate such a strategic sector for Italy. Currently, there are approximately 340 startups active in the Agri-Foodtech sector. In Italy, this market received investments totaling 167 million euros in 2023, compared to 152 million the previous year, reflecting a growth of 9.8%.

In this scenario, the first Italian Report on the state of Foodtech by Eatable Adventures was born, promoted by the Verona Agrifood Innovation Hub, the first development hub of the Italian Agrifoodtech ecosystem supported by Fondazione Cariverona, UniCredit, Eatable Adventures, Municipality of Verona, Veronafiere, Confindustria Verona and University of Verona.

In the analysis, startups are the focal point of a survey that unveils the geographical and morphological distribution of startups and provides an updated overview of investments in the sector in 2023.

The identikit of Italian Foodtech startups: Northern Italy, agile teams, and pink quotas

The North undeniably dominates the landscape of startups in Italy: approximately a third (30.5%) are based in Lombardy, closely followed by Emilia-Romagna (11.1%), and then by Piedmont, Veneto, and Lazio, each contributing around 10%. Additionally, 50% of the total startups were established between 2022 (25.3%) and 2023 (22.8%). This trend initiated in 2018 (7.6%) and has experienced a notable surge since 2021 (19.1%), reaching its peak in 2022. This increase is not only attributed to the growing interest in utilizing innovation to address the significant challenges of the agri-food supply chain and shifts in consumption patterns but also to the emergence of ecosystem support initiatives and new investment tools for burgeoning companies.

Looking at the composition of the startups, compact teams of 1 to 5 employees account for approximately 69% of the sample, with up to a maximum of 6-10 employees for 13% of them. These companies boast an average age of 35.6 years, reflecting agility and a potential for further development over time. Notably, female talents play a fundamental role, with as many as 32% of the startups founded by one or more female founders. This statistic is particularly significant considering that the national average of female entrepreneurs is only around 10% of the total, while those with mixed teams do not exceed 16%. This observation not only underscores the presence of women in key roles within the food technology sector but also suggests that the industry holds a particular appeal and actively involves female quotas.

The must-haves of the sector: focus on production, food processing, brands, and patents

In their analysis of the Foodtech landscape in Italy, Eatable Adventures has classified startups into four distinct categories: Agritech (technologies applied to agriculture), Food Production & Transformation, Retail & Distribution (applied robotics, retail analysis platforms, new sales channels, etc.), and Restaurant Tech&Delivery (booking and management platforms; kitchen robots, etc.).

The startups in the Italian Foodtech sector are primarily concentrated in Food Production and Processing (36%), followed by Agritech (22.3%), Restaurant Tech & Delivery (22%), and Retail & Distribution (19.6%). Nearly half of the startups (43%) in Food Production and Processing focus on developing new products with innovative ingredients. Among Agritech startups, 33% have focused on creating new cultivation systems or crop automation systems (31.5%)

Another notable finding is that 66% of the sampled startups develop their technologies internally, without relying on collaboration with third parties. Only 12% of startups cooperated with universities, 2% with technological centers, and 13% with other external companies. This suggests that approximately 70% of startups demonstrate a high level of autonomous development, underscoring their strong technological maturity.

Among the most utilized technologies, artificial intelligence emerges as predominant, employed by 42.86% of the surveyed startups, closely followed by machine learning at a rate of 37.14%, and biotechnology at 32.38%.

To protect the intellectual property of their innovations, a crucial factor in ensuring competitiveness in the market, over half of the startups (54.3%) incorporate trademark registration into their business model. Additionally, 40% own at least one patent, while 19% rely on trade secrecy.

Investments in Italy: the state of the art

On a global scale, investments in Foodtech experienced a significant decline in the second quarter of 2023, plummeting by approximately 61% compared to the previous year. This downturn can be attributed primarily to geopolitical conflicts and the widespread economic crisis impacting all sectors. However, amidst this challenging landscape, the Italian market stands out as one of the most dynamic and resilient, recording a remarkable 9% growth compared to 2022. In 2023, Italian startups managed to secure 167 million euros in funding, with 43% allocated to the seed phase and 32.3% to the pre-seed phase. This substantial investment underscores the confidence of both national and international investors in the growth potential of the Foodtech segment within Italy.

Furthermore, among the prominent investments in Italy, notable are the training programs backed by companies like CDP Venture Capital Sgr and Eatable Adventures, which launched Foodseed, the first national accelerator in the Italian foodtech sector. In 2023, Foodseed selected and accelerated seven emerging Made in Italy companies, providing an initial investment of 170 thousand euros to each participant, with the potential for further increments of up to 500 thousand euros for the top performers. This pioneering program garnered interest from key industry partners, including Amadori and Cattolica, the Business Unit of Generali Italia, who supported the initiative.

Additional resources that could facilitate the development of the startups, as reported by those interviewed, include attracting international investors, receiving support from the Italian food industry, participating in international events, gaining knowledge of best practices, and streamlining access to public assistance.

“Italy is working increasingly hard to provide innovative responses to the pressures of climate change, the energy crisis, and the supply of raw materials. The objective is to improve the global competitiveness of the Bel Paese and maintain its primacy in food and wine excellence at a global level”, declares José Luis Cabañero CEO and founder of Eatable Adventures. “There are more and more initiatives involving food companies, startups, universities, and technology centers, supported by important investors. Italy aims to preserve and strengthen its competitiveness and is ready to embrace innovation with determination to shape a sustainable, efficient, and dynamic food future.”

Download the report here.

13/02/2024/by Eatable Adventures

Blog

Ocean to Table: How Algae is changing the Foodtech landscape

Lately, algae have been taking center stage in the foodtech industry, revolutionizing the way people perceive sustainable and nutritious food sources. Algae, often associated with aquatic environments, and seaweed, a common sight along coastlines, have proven to be valuable and versatile resources in the quest for more eco-friendly, nutritious, and flavorful food options. The global foodtech sector has seen a growing interest in leveraging these wonders, driven by the need for sustainable food solutions and the rising demand for plant-based and environmentally friendly products. Algae and seaweed are rich in essential nutrients, low in environmental impact, and highly adaptable, making them ideal candidates for innovation.

To shed light on the different applications and transformative potential within the foodtech industry, we’ll delve into the remarkable journeys of nine pioneering startups that are leading the way in harnessing algae as key ingredients for a brighter, greener, and more delectable food future.

Hypesound

Hypesound 🇮🇹 has developed So’ Sweep, a technology that aims to revolutionize the fermentation market by using low-frequency sound waves to increase the reproduction of microorganisms by up to +300% and improve purity levels. By 2030, biomanufacturing will require a production capacity of 10 billion liters, whereas today we only have 60 million. So’ Sweep promises to bridge this discrepancy with a substantial increase in productivity via a plug & play solution. During 2023, Hypesound participated in FoodSeed, the acceleration program of CDP Venture Capital SGR, which allowed it to consolidate its value proposition, build an effective go-to-market strategy, and add strategic business skills to the team.

Poseidona

Poseidona 🇪🇸 is a Spanish startup led by women, part of the 2023 Spain Foodtech cohort, with a mission to revolutionize the food industry by developing sustainable proteins sourced from algal waste and invasive biomass, revolutionizing the current production system and generating a positive impact on the marine ecosystem. They leverage these alternative proteins to create delicious and mouthwatering food products. Poseidona aims to contribute to a better world where ethics take precedence, and environmental preservation is paramount. Their dedication aligns with the healing and nurturing power of the ocean, striving to nourish a new era of conscious beings with innovative and sustainable food solutions.

Ful Foods

FUL 🇳🇱 is a Dutch startup specializing in crafting sparkling spirulina water that’s not only delicious but also exceptionally healthy. Their beverages feature the natural blue hue of FUL Spirulina and are a refreshing detox for both your body and the planet. These drinks are caffeine-free, low in sugar, low in calories, and completely vegan. With delightful hints of white peach, lemon, ginger, grapefruit, and cucumber, FUL’s offerings are a blend of unique flavors that leave you feeling invigorated and rejuvenated. Their commitment to sustainability and health is central to their mission, making FUL a fantastic choice for eco-conscious consumers looking for a new, refreshing beverage experience.

Notpla

Notpla 🇬🇧, is a sustainable packaging startup dedicated to making conventional packaging disappear. Their innovative products, like Ooho, a revolutionary material made from seaweed and plants that biodegrades in weeks naturally, and other packaging solutions. Seaweed, one of nature’s most renewable resources, serves as the primary ingredient in their quest to reduce plastic waste. Recognized for their efforts in environmental sustainability, Notpla has received prestigious awards, including the Earthshot Prize and the Tom Ford Plastic Innovation Prize. Notpla has established itself as a go-to supplier for catering and food service businesses, catering to a diverse audience seeking sustainable and innovative packaging solutions.

Back of the Yards Algae Sciences

Back of the Yards Algae Sciences, 🇺🇸 stands at the forefront of innovation, driven by the potential of algae. Their pioneering work spans diverse applications, including the development of sustainable, natural ingredients such as food colorants and flavors, plant-based meat protein powders, biostimulants for optimizing crop yield in vertical farming, and growth media for scaling up cell-based food production. Notably, they have harnessed spirulina to create algal heme, a game-changing component famously used by plant-based food tech leader Impossible Foods to replicate the “bleeding” effect in their animal-free beef patties. Additionally, they offer Spirulina extract for approved food and beverage colorants, along with versatile Spirulina powder, organic, vegan, halal, and kosher spirulina, which retains the superfood benefits while remaining odorless and tasteless.

New Wave Foods

New Wave Foods 🇺🇸 poised to make a significant splash in the market with its product plant-based shrimp. The secret ingredient behind this innovative creation is algae. While the precise formulation of their shrimp substitute is yet to be fully disclosed, the company has revealed that it will be crafted from a combination of seaweed and non-GMO plant proteins, resulting in a product with a taste and texture that is described as “virtually indistinguishable” from traditional shrimp. New Wave Foods’ plant-based shrimp offers a delectable and sustainable alternative, perfect for a variety of shrimp dishes, from sautéed to grilled, breaded to baked or fried. It promises to deliver an exceptional, plant-based seafood experience, composed of sustainably sourced seaweed extract and mung bean protein, all while being vegetarian and kosher-friendly.

Sophie’s BioNutrients

Sophie’s BioNutrients 🇳🇱 is a Dutch startup working in the alternative protein industry, using microalgae to create sustainable plant-based products. They are the first foodtech company using microalgae and patent-pending technologies to develop 100% plant-based & sustainable alternative protein for the food industry. Their innovative approach leverages proprietary microalgae strains that can be grown in fermentation tanks, fed with food waste, and harvested in as little as three days. They have created the world’s first Chlorella Ice Cream made from their Chlorella Protein Concentrate. Sophie’s BioNutrients is at the forefront of the movement towards sustainable urban protein production, addressing pressing global food security and supply chain challenges.

Allmicroalgae

Allmicroalgae 🇵🇹 is a Portuguese startup pioneering company dedicated to providing high-quality plant-based solutions, primarily focused on microalgae, to various industries, including Food & Beverage, Nutraceutical, Feed, Agricultural, and Cosmetics. They specialize in nutritionally sustainable plant-based ingredients and biomass. Allmicroalgae is one of the largest European producers of natural microalgae, in particular organic Chlorella vulgaris, owning a rich microalgae portfolio that includes too Nannochloropsis sp., organic Spirulina, Tetraselmis chui, Scenedesmus sp., Phaeodactylum tricornutum and more.

Algama

Algama 🇫🇷 is a startup promoting sustainable food solutions by harnessing the nutritional power of algae. Their core focus is on selecting promising algae strains and transforming them into actionable ingredients, which are used to develop eco-friendly alternatives to animal-based products including plant-based eggs and meat. With an emphasis on innovation, Algama caters to changing consumer preferences and collaborates to craft innovative, flavorful, and health-conscious food products. They aspire to share a more positive vision for the food industry, facilitate industrial-scale production of plant-based proteins, and lead food innovations in high-growth markets, all while championing algae as a sustainable and nutritional powerhouse.

In conclusion, these startups collectively represent the transformative potential, and superpowers of algae, offering a range of innovative and sustainable products. From proteins and beverages to packaging and agricultural solutions, we move towards a future marked by ethical choices and ecological responsibility, algae is poised to play a pivotal role in nourishing a new era of conscious consumers and revolutionizing the way we experience food. These startups are at the vanguard of this transformative journey, and the potential for further growth and innovation in this space is boundless.

07/02/2024/by Eatable Adventures

Blog, Funding

Eatable Adventures announces the first investments of its fund to promote European Foodtech

The accelerator has concluded the first closing of its investment fund, Europe Foodtech Acceleration Fund I SCSp, focusing on technology-based seed projects in the agri-food sector.

The new investment vehicle, worth 30 million euros, encompasses the Spain Foodtech and FoodSeed acceleration programs in Italy, with a third program set to launch soon in Europe.

Despite the global economic context, the Foodtech sector has demonstrated notable resilience in recent years. Innovative technologies and alliances among the entrepreneurial ecosystem, industry, and investors have facilitated the creation of efficient solutions to address significant challenges in the sector. As a result, the promotion of a new vertical in the food sector has been initiated, which not only offers investment and business opportunities but also generates a significant impact on the lives of people and the planet.

Eatable Adventures, one of the main Foodtech accelerators globally, has played a fundamental role in the creation and strengthening of these ecosystems, especially in Spain and Italy. These are crucial markets for the European food industry, with the agri-food sector playing a decisive role in the national economies of both countries. To support the accelerator’s activity in these countries, Eatable Adventures has unveiled the establishment of a new 30-million-euro investment vehicle, Europe Foodtech Acceleration Fund I SCSp, with the first closing already completed. Additionally, the accelerator has announced the initial investments made through this fund, totaling six million euros, encompassing nine leading Foodtech technological projects: Agreen Biosolutions, Agreenet, Hypesound, Foreverland, Néboda, Mmmico, Regrowth, Soonapse, and Trusty.

The selection of these projects has occurred within the framework of two national acceleration programs dedicated to fostering the implementation of innovative technological solutions in this sector: Spain Foodtech, implemented in Spain through a country program developed in collaboration with ICEX Spain Export and Investments and CNTA; and FoodSeed, operating in Italy as part of the national network of CDP Venture Capital Sgr accelerators, where the accelerator serves as a co-investor and operational manager. Likewise, the investment vehicle will extend its coverage to a third European acceleration program, set to launch in the upcoming months. This expansion aims to amplify the influence of these technologies on an international scale.

“The experience that we have gained over these years in the Foodtech vertical offers us a complete and precise vision of the ecosystem, which has allowed us to select and invest in the startups with the greatest development potential and fit with the needs of the sector”, commented José Luis Cabañero, Founder and CEO of Eatable Adventures. “Incorporating technology and innovation is essential to increase production, optimize resources, and reduce the environmental footprint of the food system.”

In the historical portfolio of the accelerator, global references stand out such as Cocuus, a Spanish company that has developed the world’s first 3D bioprinting plant for products of plant origin and whose products have already reached the retail channel; Ekonoke, a global leader in the cultivation of hops in a climate-controlled agricultural environment and Moa Foodtech, a pioneer company in the production of protein biomass through fermentation techniques.

Nine investments boost the Foodtech sector on an international scale

The invested companies present disruptive solutions that tackle issues such as food waste, water resource scarcity, enhanced traceability, and transparency in vital industries, innovative alternatives for crop protection, and the production of new, more sustainable, and healthier ingredients, among other areas.

Agreen Biosolutions: a startup that proposes an innovative and efficient solution for the protection and nutrition of crops based on ozonated oils thanks to which it is not necessary to resort to chemical phytosanitary products.
Agreenet: an innovative startup that produces biomaterials and functional materials for the preservation and packaging of fresh foods. Their solution is Pìfresc, a small seal made from a plant-based biopolymer and designed to reduce the development of microorganisms in packaged fresh products, increasing their shelf life.
Hypesound: this startup has developed So’ Sweep, a technology that seeks to revolutionize the fermentation market using low-frequency sound waves that increase the reproduction of microorganisms by up to 300%.
Foreverland: this startup has developed Freecao, a new ingredient derived from carob, which reduces CO2 emissions by 80% and water consumption by 90% compared to cocoa production. In addition, it has 50% less sugar, making it a healthier option.
Néboda: an innovative startup that has developed a revolutionary automation technology that, applied to the vertical farming technique, allows the development of a high-density, low-cost cultivation system, maintaining high-quality standards and avoiding possible contamination.
Mmmico: a startup that has adopted a highly scientific approach, combining techniques such as fermentation, directed evolution, and artificial intelligence, to develop new natural ingredients that replace their synthetic analogs in record time and cost.
Regrowth: an innovative startup that develops cutting-edge Precision Livestock Farming (PLF) solutions to provide farmers with the necessary tools to improve their production, making it sustainable and efficient.
Soonapse: a startup that has developed Ploovium®, a patented AI solution for irrigation and water stress management, which provides a 5-day forecast of the water stress level of soils, crops, and the environment, with greater than 99% accuracy.
Trusty: a startup specialized in blockchain-based traceability solutions for the agri-food sector, and specifically, for the cocoa industry. Its platform not only allows transparent transactions between responsible producers and the industry but also offers microfinancing opportunities.

25/01/2024/by Eatable Adventures

Ecosystem, Foodtech, Funding

The Spanish Foodtech ecosystem achieved an investment of 226 million euros in 2023

Eatable Adventures has presented the data from its annual study “The State of Foodtech in Spain 2023”. The Foodtech accelerator has presented the fourth edition of this report, which reflects the reality of the entrepreneurial ecosystem in this area and the evolution of the investment received throughout 2023.

The challenges linked to problems related to climate change, the exponential growth of the world’s population, and the increase in costs associated with food production continue to drive the development of new disruptive technological proposals that seek effective solutions to these challenges. In a global panorama affected by a deep crisis, the Spanish Foodtech ecosystem is positioned as one of the most dynamic, maintaining a census similar to last year, with 420 startups in 2023.

The Foodtech sector in Spain exhibits a notable geographical distribution with a presence in all the Autonomous Communities. Despite this dispersion, clear patterns are observed in entrepreneurs’ preferences for launching their projects. Madrid leads with 34.2%, experiencing an increase of 6.6 percentage points compared to the previous year. Catalonia continues in second place with 30.3%, reflecting an increase of 4.6 points. On the other hand, Andalusia registers a slight decrease of 2% with a total of 9.1%.

Food production and processing leads the way over other categories

In 2023, Spanish startups experienced changes in the distribution of categories. Agritech, which makes up 21% of the startups surveyed, experienced a decrease of 3%. On the other hand, the Food Production and Processing category leads with 41%, representing an increase of 6 percentage points compared to the previous year, driven by the growing demand for innovations in food production. The Retail and Logistics field (13%) has experienced a decrease of almost 12 percentage points compared to 2022. This change could indicate a redirection or reclassification of startups traditionally associated with distribution and logistics towards Delivery. The Restaurant Tech and Delivery sector (25%) shows continuous growth in technology related to restaurants and deliveries, absorbing part of the startups that were previously classified in the Retail and Logistics category.

When breaking down into subsectors, in the field of Agritech, the three main categories experienced a reduction, favoring segments such as robotics and water management, which showed slight growth, however, crop automation systems continue to be the preeminent area. Regarding Food Production and Processing, there is an increase of 10.5 percentage points in the creation of new products with innovative ingredients, which suggests that startups are responding to the growing market demand for more innovative foods. In the retail sector, there is a growth of almost 8 percentage points in smart labels, while new sales channels decrease in favor of the increase in analytical platforms. Regarding the Restaurant Tech sector, management platforms maintain their leadership, closely followed by online marketplaces and startups specialized in delivery.

The startups have small teams, a prominent female representation, and preserve their technology with trade secrets

When analyzing the composition of startup teams, the study indicates that they are characterized by smaller teams compared to the national average, with 60% of surveyed startups having a team of 1 to 5 employees. As for female representation, it is noteworthy that 36% of surveyed startups have a woman as a partner, a very positive figure considering the national average, which is only 18%.

The technological development of a startup is undoubtedly one of the most relevant aspects for its success. According to the study, 28% of surveyed startupshave at least one patent, and 35% use trade secrets, representing a 5 percentage point increase from the previous year. Regarding the most used technologies, biotechnology stands out, experiencing significant growth since 2022.Regarding technological maturity (TRL), it is highlighted that the majority of startups demonstrate a considerably high level of development, indicating a strong position in technological terms. Despite this success, the challenge arises to maintain constant innovation to remain relevant in a competitive and ever-evolving environment.

Slowdown in global investment: Spain emerges as one of the most resilient ecosystems

The current geopolitical context and the economic crisis have had significant repercussions, in terms of investment at a global level, in all sectors. Regarding Foodtech, global investment reached approximately 27.4 billion euros in 2022. When comparing the second quarter of 2022 with the same period in 2023, a drop of 61% is evident, falling from 5.9 billion dollars to 2.3 billion dollars.

In the Spanish context, a more encouraging scenario is seen despite a slight reduction in total investment. Spanish Foodtech startups managed to secure a total of 226 million euros in 2023, representing a decrease of only 16% compared to the previous year. However, this slight drop, much more moderate than the global slowdown trend, points to the strength and resilience of the ecosystem at the national level.

Regarding the investment phase of startups, stability is observed in the pre-seed and seed rounds, indicating the continued attraction of the sector for national and international investors. In 2023, startups in the seed phase were the majority, representing approximately 38.9%, followed closely by pre-seed phases, which constituted around 29%.

Among the main national investors, Capsa Vida stands out, which has supported baïa, entomo agroindustrial, GrinGrin, and nucaps; BeHappy Investments, which has opted for Harbest Market and Hunty; and Clave Capital, which has invested in Deep Detection and Groots. Eatable Adventures has consolidated its position as a prominent investor in Spain, supporting Bio2Coat, mmmico, and Néboda, all of them accelerated in the Spain Foodtech program. On the other hand, the Spanish ecosystem also continues to attract the attention of prominent international investors, such as ProVeg Incubator, North South Ventures, Big Idea Ventures, and Bynd Venture Capital, among others.

When analyzing the most outstanding tools for growth, startups are aligned: learn from the best success stories, facilitate access to public aid, increase media visibility, establish “co-investment” agreements, and collaborate closely with the food industry.

“In the year 2023, the Spanish Foodtech ecosystem has overcome critical challenges, facing the repercussions of the global economic crisis. Despite the slight slowdown in total investment, this period has marked a crucial milestone for the sector. We have not only witnessed the resilience of our ecosystem but also the consolidation and market launch of disruptive technologies, as has been the case of the arrival to the Retail channel of the first 3D bio-printed vegetable bacon by Cocuus and Foody’s. This achievement highlights the technological robustness of Spain, reaffirming its prominent position in the international Foodtech field,” commented Mila Valcárcel, Managing Partner of Eatable Adventures. To continue consolidating Spain’s strategic role in the Foodtech panorama, however, a greater drive in investment and more strategic collaboration between all the key agents of the food system is needed “If we want to be truly competitive against the most developed international ecosystems We need to be more ambitious and have a vision of the future of this sector that is so strategic for Spain. It is essential to put greater effort into investment and collaboration with the industry, but also to have greater support at the institutional level and to have a strategy aligned between territorial and national initiatives.”

For more information, download the report here

21/12/2023/by Eatable Adventures

Blog, Startups-article

5 startups Redefining the Chocolate Industry

Chocolate alternatives are emerging as a disruptive force due to increasing ethical and environmental concerns. The conventional chocolate industry, known for labor issues and deforestation, sees 1.56 million children engaged in cocoa farming, often under exploitative conditions in the countries that produce nearly 60% of the world’s cocoa each year: Ghana and Cote d’Ivoire, according to the U.S. Department of Labor. The environmental toll is equally alarming, with cocoa production contributing to vast deforestation, threatening biodiversity, and exacerbating climate change. The chocolate industry’s carbon footprint urges a reevaluation of people’s chocolate-eating habits.

In response, consumers are embracing chocolate alternatives that sidestep these ethical and environmental pitfalls. As the global demand for dairy-free and plant-based options surges, the market for chocolate alternatives is projected to hit $2 billion by 2032, growing at a CAGR of 13.1% from 2023 to 2032, according to Allied Market Research. This shift signifies a growing awareness among consumers, spurring the industry to prioritize sustainable practices and redefine the sweet success of chocolate. Here, we present five startups taking strides in sustainability, ethical practices, and authenticity by creating a unique product: chocolate-free chocolate.

Foreverland

Foreverland 🇮🇹, based in Southern Italy, is disrupting the chocolate industry with its innovative cocoa-free alternative called Freecao. Developed by a team with experience in multinational corporations and the food industry, Foreverland aims to address the environmental and ethical challenges associated with cocoa production. Freecao is made from a base of carob, a native Mediterranean legume known for its nutritional benefits. The chocolate is free from the nine major allergens, contains 25-50% less sugar than traditional milk chocolate, and focuses on sustainability and the well-being of people. Foreverland plans to scale its production, emphasizing local sourcing and a horizontal product portfolio that extends beyond chocolate, working on a Freecao Spread. The startup has already tested its chocolate with industry players in Italy and it envisions becoming a strategic supplier of cocoa-free chocolate for major confectionery companies globally, emphasizing its commitment to a better-for-the-planet and better-for-people chocolate revolution.

Wnwn

WNWN Food Labs 🇬🇧, a London-based food tech company, has introduced vegan and cocoa-free chocolate bars that replicate popular brands such as Cadbury, Tony’s Chocolonely, and Terry’s. The Win-Win bars, are now available for shipping in the UK, and come in three variants—Choc Nut, Choc Orange, and Vegan M*lk Choc. WNWN claims to have used “cutting-edge science” to convert vegetable fat, carob, oats, and barley into its cocoa-free chocolate alternative. The bars are palm oil-free, packaged in compostable wrappers and cardboard sleeves, and aim to offer an ethical, sustainable, and cocoa-free twist to classic chocolate bars.

Planet a Food

Planet A Foods 🇩🇪 is a German startup revolutionizing the future of food through its proprietary technology that involves fermenting plant-based ingredients. Their chocolate is 10x more sustainable and 20% cheaper than conventional chocolate. In order to mimic the organoleptic properties of chocolate, tender, and smooth, they are working on the flavor itself but also on replacing the cocoa butter. By utilizing precision fermentation, roasting, and local processing, the company transforms natural ingredients and by-products like oats into the base for various flavors, including their flagship product, ChoViva—a 100% cocoa-free chocolate. This innovative process reduces carbon emissions by 90% and offers a delicious aroma, luxurious snap, and a smooth texture. Planet A Foods aims to create food ingredients decoupled from unsustainable land and labor practices, building a platform for the future of sustainable and ethical food production. Founded in 2021 by Sara and Max, Planet A Foods is on a mission to reduce the carbon footprint while delivering delightful and sustainable culinary experiences.

California cultured

California Cultured 🇺🇸is a Californian Startup based in Davis with a team of chocolate and coffee enthusiasts committed to transforming the industry for the better. Recognizing the environmental and ethical issues in traditional chocolate production, they are using plant cell culture technology in cellular agriculture to create cocoa and coffee with identical qualities to conventional products. By selecting optimal cacao and coffee varieties, nurturing cells, and mimicking rainforest conditions, they produce sustainable alternatives free from deforestation and child labor. California Cultured invites people to join them in embracing a new era of environmentally friendly and delicious chocolate and coffee.

Trusty

Trusty 🇮🇹, an innovative Italian startup founded in 2022, specializes in blockchain-based end-to-end traceability solutions tailored for the agri-food sector. This platform, in development since 2020, currently benefits over 70 Italian companies. Trusty has acquired extensive expertise in the chocolate industry, having implemented their platform in three major industries. This implementation facilitates the tracking of over one hundred cooperatives and more than fifteen thousand farmers across seven countries.
Leveraging this experience, Trusty is now revolutionizing the cocoa industry. They’ve launched a blockchain-enabled marketplace, which adheres to both the European Union Data Regulation (EUDR) and the Corporate Sustainability Due Diligence (CSDD). This marketplace is designed to promote ethical sourcing of high-quality cocoa by fostering direct connections between responsible producers and the industry. Trusty’s platform not only enables transparent trade but also provides micro-financing opportunities. This initiative is pivotal in creating a more sustainable and equitable cocoa supply chain, ultimately benefiting cocoa farmers and the industry alike.

To sum up, in response to increasing ethical and environmental concerns in the conventional chocolate industry, a new era of chocolate alternatives is emerging. The traditional chocolate industry is under scrutiny for labor issues and deforestation, prompting a shift towards sustainable practices. Consumers are actively seeking dairy-free and plant-based options, driving the chocolate alternatives market to a projected $2 billion by 2032. This shift reflects a growing awareness among consumers, urging the industry to prioritize sustainability and redefine the concept of chocolate success. Five startups are leading this transformation, each contributing unique solutions to the ethical and environmental challenges associated with cocoa production. Foreverland, WNWN, Planet A Foods, California Cultured, and Trusty are at the forefront of this movement, introducing innovative cocoa-free alternatives, leveraging plant cell culture technology, and implementing blockchain for transparent supply chains. These startups collectively represent a significant step towards a more sustainable, ethical, and authentic chocolate industry.

29/11/2023/by Eatable Adventures

Ecosystem, Events

Spain Foodtech Startups’ Program, an acceleration program promoted by Eatable Adventures and supported by ICEX and CNTA, presents its 2023 cohort.

The future of food is already here: 4 Spanish startups are at the forefront of the new food revolution.

According to the data from the Eatable Adventures study “The State of Foodtech,” the investment in Spain in this sector reached 268 million euros in 2022, marking a growth of 9.3% compared to the previous year.

This sustained growth has been driven by key initiatives such as the Spain Foodtech Startups’ Program, a “Country” program led by Eatable Adventures in collaboration with ICEX Spain Export and Investments and CNTA (National Center for Food Technology and Safety). Its mission is to support the construction and development of robust Spanish startups in the foodtech field, capable of competing globally and becoming a reference in the industry, positioning Spain as a technological leader. The program stands out for its commitment to a 10-million-euro investment over the next 3 years.

Spain Foodtech is supported by leading companies in the food industry, such as Alianza Team, Mahou San Miguel, Pascual Innoventures, and Sigma. These companies have joined this initiative to contribute their experience in open innovation, with the purpose of accelerating the implementation of disruptive innovation models and providing knowledge about key aspects related to the industrial processes of the agri-food sector, industry challenges, and market needs. This approach aims to boost the scaling and expansion of startups, establishing synergies to generate high-impact solutions in the agri-food value chain.

During the program call, more than 120 applications were received from all over Spain, and after a rigorous evaluation process, four pioneering startups were selected:

Bio2coat: Food waste is one of the major challenges in the food industry, along with reducing single-use plastic packaging. Bio2coat promotes an innovative solution that addresses both challenges through its 100% natural coatings that extend the shelf life of foods like fruits and vegetables, allowing for their consumption in a fresh state for longer periods.
Néboda: The agriculture of the future will be more efficient and sustainable, ensuring the quality of crops for future generations. This startup has developed a revolutionary automation technology applied to vertical farming, enabling a high-density, low-cost cultivation system. This system includes the use of an automated robot whose technology optimizes production times, maintains high-quality standards, and avoids possible contaminations.
Mmmico: In the traditional food industry, most food colorings are of synthetic origin, posing a potential health risk to people and the planet. This startup has adopted a highly scientific approach that combines techniques such as fermentation, directed evolution, and artificial intelligence to develop new natural ingredients that substitute their synthetic analogs in record time and cost.
Poseidona: The oceans are severely affected by the depletion of marine resources, pollution, and the impact of climate change. This startup, led by a team of women, has succeeded in transforming algae production waste into innovative ingredients and proteins, revolutionizing the current production system and generating a positive impact on the marine ecosystem.

The selected companies have stood out for their ability to efficiently address critical challenges for the sector, offering innovative and sustainable solutions throughout the entire food value chain. After completing the acceleration program, startups will have the opportunity to present their projects to national and international investors during the Demo Day.

“Spain Foodtech has proven to be a springboard for participating startups. An example of this is the international success achieved by our Alumni like Cocuus or Moa Foodtech,” noted Mila Valcárcel, Managing Partner of Eatable Adventures. “Our deep experience in the agri-food value chain, supported by a unique methodology, access to the global ecosystem, and the support of prestigious corporate partners, allows us to position Spanish Agrifoodtech startups on the global stage. Spain Foodtech has become a global reference program, and its success has allowed us to export this model to other international markets. An example of this is our national acceleration programs for Colombia and Italy, where we collaborate hand in hand with national and local institutions to boost the development of their entrepreneurial ecosystems in this field.”

“The Spain Foodtech program, created by Eatable Adventures, has a multiplier effect throughout the food chain and is fully aligned with the international positioning objectives of our industry promoted by ICEX. Its transformative capacity and the rigorous selection and support process that this project offers to startups are undoubtedly the best guarantees to consolidate them and turn our foodtech ecosystem into an engine of growth and innovation,” said María Naranjo, Director of the Food Industry at this organization.

“At CNTA, we are proud to be the technological partner of this program, collaborating closely with startups to enhance the development of high-level technological solutions. Our commitment is to provide these companies with the tools and knowledge necessary to achieve their innovation and quality goals in the agri-food industry, thus driving the success of their projects,” commented Estefanía Erro, Director of Marketing and Innovation at CNTA.

26/09/2023/by Eatable Adventures

Blog, Startups-article

A Safer Bite: How FoodTech Startups are Revolutionizing Food Safety

Food safety is a critical aspect of the food industry, encompassing measures taken to ensure that food products are safe for consumption. It involves monitoring, handling, and storing food in a way that prevents contamination and minimizes the risk of foodborne illnesses. In today’s world, technology plays a crucial role in revolutionizing food safety practices. Several startups are at the forefront of this transformation, utilizing innovative technologies to enhance food safety across various domains.

This article explores startups in the realm of food safety. It delves into the core principles of food safety and how they apply to different facets of the food industry, from production and processing to packaging and distribution. These startups are not just shaping the future of food; they are safeguarding it, one technological breakthrough at a time.

Agree Net

Agree NET 🇮🇹 is an Italian startup dedicated to advancing food safety in the realm of fruit and vegetable packing. Their focus lies in developing innovative, bio-based, and biodegradable materials for food packaging, revolutionizing the way of store and transport fresh produce. By utilizing by-products of agriculture, we craft sustainable materials that extend the shelf life of fruits and vegetables, reducing food waste and the reliance on disposable plastics. Their flagship products, Ally and ActivePack, are tailored solutions that significantly increase shelf life, promoting eco-friendliness and compliance with international sustainability standards.

AgNext

AgNext 🇮🇳 harnesses technology to ensure food safety from the beginning: the farm. It is a fast-growing AgTech company that aims to solve quality and trust in food value chains by making them safer, transparent, and fairer. With the digitalization of food quality assessment as its core focus, it offers a uniquely integrated, AI-driven SaaS platform to agribusinesses for automated and instant food quality results. AgNext is bringing trust, speed & transparency to the agriculture value chain using AI-based food assessment technologies.

Oscillum

Oscillum 🇪🇸 is a Spanish startup that plays a pivotal role in ensuring food safety with its cutting-edge smart labeling solutions. These labels not only provide real-time monitoring for quality control but also help optimize logistics and reduce wastage in the food supply chain. By allowing producers to recirculate products efficiently and maintain stringent quality standards, Oscillum significantly contributes to enhancing food safety. This technology is adaptable and extends its impact beyond the food industry, making it a powerful tool for ensuring the safety and quality of various consumer products.

Prevera

Prevera 🇮🇱 is an Israeli startup on a mission to transform food safety into an asset. They’re combatting the challenges in the food industry, where harmful preservatives and ineffective methods compromise safety and shelf-life. Their innovative solution uses Food Protection Proteins, inspired by natural antimicrobial proteins, to enhance food safety. Prevera’s unique mixture of natural essential amino acids forms a powerful antimicrobial protein that protects food from relevant pathogens. When digested, the Prevera protein is broken back into original natural essential amino acids that provide essential nutrients while affecting our microbiome. By replacing harmful preservatives, their approach not only ensures safety but also significantly reduces food waste.

TAG ONE

TAG ONE 🇺🇸 is a groundbreaking Traceability Management System delivering comprehensive transparency to the food and natural products supply chain, from seed to sale. It specializes in blockchain-based traceability solutions, bolstering transparency throughout the food supply chain. By enhancing traceability, TAG ONE ensures that food safety incidents can be swiftly identified and addressed, reducing risks for all stakeholders.

Bio2coat

Bio2coat, 🇪🇸 an alumnus of Spain FoodTech, Eatable Adventures accelerator, focuses on enhancing food safety through innovative packaging solutions. They develop biopolymer coatings and films that act as barriers against contaminants, extending the shelf life of products and minimizing food waste. These sustainable packaging innovations contribute to safer food storage and transportation. Their products are 100% natural, reduce plastic consumption, and fight waste.

To sum up, through innovation, technology, and collaboration, these companies are making strides toward a safer and more secure food ecosystem. Their contributions span pathogen detection, packaging solutions, crop management, freshness preservation, and transparent supply chains, ultimately safeguarding the well-being of consumers and the integrity of the global food industry.

15/09/2023/by Eatable Adventures

Ecosystem, Foodtech, Partnership

Italy’s Agri Food-tech sector gets a boost with the launch of the Verona Agri Food Innovation Hub

The Hub will integrate the activity of FoodSeed, the accelerator Foodtech programme of CDP Venture Capital Sgr’s national network, recently launched in partnership with Eatable Adventures.

“Stimulate a culture of innovation in the agri-food sector and establish a strong, sustainable entrepreneurial ecosystem” is the purpose of the Verona Agrifood Innovation Hub, whose memorandum of understanding was presented and signed on Saturday, March 18th at Veronafiere Congress Centre. This groundbreaking initiative is poised to become the strategic hub for the development of agrifood in Italy, serving as a critical meeting point for entrepreneurs, experts, and researchers to exchange ideas and collaborate on the latest advances in the industry.

At the heart of the Verona Agrifood Innovation Hub is a commitment to promote and disseminate knowledge of the most advanced solutions in the agri-food sector. With a focus on creating strategic connections between all industry players, the Hub is dedicated to relaunching sustainable growth in the sector while upholding ethical principles and enhancing the excellence of the Italian supply chain. This is essential in light of the unprecedented challenges posed by the current international context and the climate crisis.

“Today’s achievement represents a significant milestone for the Verona ecosystem, the development of venture capital, and for its role as an enabler in the technological innovation of production chains,” commented Economy and Finance Minister Giancarlo Giorgetti in the message sent to the event – “Start-ups are key drivers for transformation and modernization processes within mature economies like Italy’s”.

The initiative is supported by a broad partnership of public and private players – Fondazione Cariverona, UniCredit, the Municipality of Verona, Veronafiere, Confindustria Verona, the University of Verona, Cattolica Assicurazioni and Eatable Adventures (which will operationally manage the structure) – and strategically complements the activities of FoodSeed, the start-up accelerator of the National Accelerators Network CDP Venture Capital Sgr financed with over 15 million euros, promoting the growth of young companies specializing in high-potential markets.

The Verona Agrifood Innovation Hub aims to foster entrepreneurship in the agri-food sector, creating high-quality employment opportunities and driving sustainable, long-term growth. The development catalyzed by this new structure is expected to have positive effects on the entire system, both locally and nationally, and will contribute to enhancing the competitiveness of the Italian industry.

According to Minister Giorgetti, “the strength of the agro-food sector is a source of pride, but it is important to always look for ways to take a step forward, and this is where the propulsive effect of new companies and innovations can add value: Verona, one of the leading industrial areas in Europe, can serve as a model to be emulated, thanks to an ecosystem that is poised to embrace the opportunities that are being built”.

To achieve its objectives, the Verona Agrifood Innovation Hub will pursue four lines of action. Firstly, it will establish an ecosystem that brings together and collaborates with enterprises, SMEs, research centers, universities, and citizens with shared food-related interests. Secondly, it will publish periodic reports containing relevant information on the agrifood market to stimulate the emergence of new startups and encourage technology adoption. Thirdly, networking events and collaborative activities involving all stakeholders will be organized to find original solutions to major challenges facing the sector. Lastly, educational projects will be launched to foster tech entrepreneurship, especially among the younger generation. The hub will offer a wide range of activities, all of which will be accessible to startups free of charge.

The latest figures confirm that Italy is poised to take the lead in technological innovation in the agri-food sector, not just locally but also globally. According to the Smart AgriFood Observatory, the Crop 4.0 market was worth approximately EUR 2.1 billion in 2022, representing a remarkable growth of 31% over the previous year. Investments that aim to accelerate the technological transition are also substantial: according to the Venture Capital Monitor of the Liuc Business School, deals closed by venture capital funds in the in agrifoodtech approached 270 million euros over the two-year period of 2020-2021, while last year, the sector ranked among the top in terms of the amount of resources invested.

21/03/2023/by Eatable Adventures

Ecosystem, Partnership, Uncategorized, Webinar

Webinar: Foodtech in Spain- Addressing new challenges across the food value chain

WEBINAR

28/03/2023. Online

Free entry, registration required.

4PM CET

ICEX Spain Trade & Investment has recently launched its third report on the Foodtech sector in Spain. As a result, a webinar on “Foodtech in Spain: Addressing new challenges across the food value chain” will take place, featuring prominent stakeholders, from investors, and innovation hubs, to corporations and startups, of the Spanish foodtech ecosystem who were highlighted in the report and are currently developing initiatives to support innovative solutions to various challenges. The webinar aims to give visibility to the Spanish Foodtech ecosystem and showcase its potential to become a leading Foodtech Nation.

WHY PARTICIPATE

The Foodtech industry in Spain is experiencing a significant transformation towards more sustainable and efficient projects, aided by public and private support at regional and national levels. These developments have helped Spain maintain its strength in Foodtech investment, even in the face of the industry’s most significant investment drop.

Despite the challenges, the Foodtech sector in Spain saw a rise of up to €268M in 2022, representing a 9.38% increase since the previous year, excluding the Glovo effect, as revealed in our latest report “Addressing new challenges across the food value chain”.

In addition to successfully securing significant investment operations with both national and international players, the Foodtech industry has witnessed a substantial growth in the number of operators within its ecosystem. This includes a notable increase from 407 to 412 startups in the past year, alongside over 30,000 companies engaged in food transformation. Furthermore, the industry benefits from the involvement of more than 50 specialized universities and 20 advanced technology centers.

Join us as we explore the intricacies of the Spanish foodtech industry’s future through the perspectives of investors (Clave Capital), corporations (Mahou San Miguel), startups (Oscillum), and technology centers (Eatex Food Innovation Hub). Discover success stories, compelling projects, and programs that are facilitating collaboration between the industry and technology centers.

If you’re interested in delving deeper into the current state and challenges of the country’s food sector, download the report here.

AGENDA

Where

Via online

When

28-03-2023 – 16.00 – Foodtech in Spain: Addressing new challenges across the food value

Registration

Registration is completely free. Register yourself in the following link:

https://us06web.zoom.us/webinar/register/WN_ncDuDO8lT9uSEg8fBzmQfA

SPEAKERS

Maria Naranjo, the Agrifood Industry Director of ICEX, will be introducing the following speakers:

Patricia Larráyoz, Innovation Hub Manager – Eatex Food Innovation Hub

Eatex Food Innovation Hub: Eatex is the collaborative innovation hub for technology transfer and implementation in the agri-food industry, promoting and financing collaborative R&D&I projects for the development of innovative technological solutions that can be transferred from R&D centers to the agri-food industry.

Pedro de Alava, Fund Manager – Clave Capital

Clave Capital: Clave Capital is a venture capital management company with 20 years of experience, during which time they have made more than 90 investments, and actively collaborate in the definition of strategy and management of investee companies.

They promote technology transfer projects, industrial SMEs and renewable energy projects. They are currently launching a new €80M investment fund for technology transfer projects in the health sector.

Carlos Jacoste – Entrepreneurship, Venturing and New Technologies Manager – Mahou San Miguel

Mahou San Miguel: Mahou San Miguel is the leading Spanish company in the beer sector in our country and the most international, with a presence in more than 70 countries. The company is a family of more than 3,876 professionals who, with their enthusiasm and commitment, strive every day to make our brands part of the best moments of our consumers. Mahou San Miguel drives innovation, they believe in people, seek excellence, enjoy doing things well and create sustainable businesses and environments.

Luis Chimeno Morales, Co founder & CMO – Oscillum

Oscillum: Oscillum is a biotech company that develops sensors for the agri-food industry. Founded in Alicante (2019), Oscillum has developed SmartLabel a smart label that is placed in contact with food and is able to alert about the state of spoilage/freshness of that product by a simple color change.

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FONDO EUROPEO DE DESARROLLO REGIONAL (FEDER). A way of making Europe

This service/activity is eligible for co-financing from Fondo Europeo de Desarrollo Regional (FEDER)

14/03/2023/by Eatable Adventures