Food-X names 8 start-ups for its fifth cohort
- SOSV-owned food tech accelerator Food-X has selected eight startups for its fifth cohort, inviting the companies to take part in its 14-week program, according to to AgFunderNews.
- Among the eight companies selected are Lecker, creator of a counter-top, overnight yogurt maker for consumers; RISE, a B2B ingredient company that takes spent grain from breweries and converts it into flour rich in protein and nutrients; Wasteless, a supply chain tech startup that uses RFID technology and a pricing algorithm to save money and reduce food waste; and FruitCubed, which makes natural pre-portioned fruit cubes for smoothies. The others start-ups selected were All Beauty Water, Dollop Gourmet, FoodieTrip and KunaChia.
- With a total investment of $50,000 in each startup in exchange for a 7% equity stake, Food-X provides an initial $20,000 at the beginning of the program and gives the remaining $30,000 at the end in the form of a convertible loan note.
Food-X had a record-number of applicants for its latest cohort, suggesting that many food companies are looking to innovate — and even overhaul — the industry.
“The common elements of the new cohort is we were striving to find strong and passionate founders who have the potential to make a positive and significant impact,” Andrew D. Ive, Food-X’s managing director, told Food Dive. “We were looking below the initial impression and only moved forward if we experienced that eureka moment that most special companies have.”
Successful companies from previous cohorts include Greenblender, a healthy smoothie ingredients home delivery company, which has experienced hockey stick revenue growth, national distribution and made thousands of deliveries to happy customers since its time with Food-X; True Made Food, an award-winning range of healthy ketchups that also experienced significant distribution and revenue growth; and Bizzy Coffee, the only shelf-stable cold brew coffee without pasteurization or additives.
Ive also spoke of the success of two start-ups from Food-X's 2016 and 2015 cohort, Lotus Scoop and Protes.
“Protes is the No. 1 protein chip and is opening new doors daily, and firmly established amongst the health conscious, the athletic and parents who want healthy snacking,” Ive said. “Lotus Scoop takes ugly fruit and creates the world’s best tasting ice cream in totally unique flavors.”
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