Startupbootcamp is launching the first independent accelerator for food tech startups, based in Rome, which is open to applicants globally.
The accelerator program, Startupbootcamp FoodTech, is open to 10 startups, and will commence in Rome next November. Applications are open until September 19.
Successful applicants will receive €15,000 in funding, €400,000 worth of 'partner services' and six months’ office space, in exchange for 6% equity in the business. The program is supported by Cisco, food and wine magazine publisher Gambero Rosso, LVenture Group, Monini, M3 Investimenti, and Quintalia, along with more than a hundred mentors.
The food tech market is ripe for the picking. In Tech.eu’s Food Tech Funding and Exits report, we tracked 86 investments in food tech startups in 2015 worth €1.1 billion and 27 M&A transactions that year also totalling €1.1 billion but more can be done. We've also noted a general slow-down in food tech related funding in Europe, for what it's worth.
“Innovation in this sector remains still under-serviced while the large food consumer market is the least disrupted to date, offering countless opportunities for investors and entrepreneurs,” said Luigi Capello, CEO of LVenture Group.
"Food is the largest consumer market in the world", added Paolo Cuccia, the main advisor of the accelerator and president of Gambero Rosso, "and technology like big data, IoT, biotech, and wearables are changing how the food industry operates."
The accelerator is bolstered by the involvement of advisors and mentors from the traditional food market that are looking for the next innovation.
“Our main goal is to leverage the demand for innovation in the Italian and international food industries, to offer food tech startups from all over the world the fastest access to growing their business,” said Zefferino Monino, president of olive oil producer Monini, one of the program’s partners.