This was originally published on Food Navigator USA.
Food-X – a bi-annual food accelerator program backed by venture capital firm SOSV – has unveiled its spring cohort of 10 early stage companies spanning everything from Mexican cooking sauces to meal-delivery services for pregnant women.
The 10 businesses – whittled down from more than 300 applicants – will participate in an intensive 14-week program in New York City culminating in a demo day in June when they will pitch their business to Food-X’s co-investor network.
They will also get up to $50k funding ($20k cash and a $30k convertible loan note on completion of the program) in exchange for a 7-10% equity stake and intensive coaching in all areas required for launching and running a business, as well as mentoring from a team of seasoned food & beverage entrepreneurs from Runa co-founder Dan McCombie to Blue Hill founder Dan Barber.
While VCs often invest in and mentor early stage technology companies, this is still a fairly new model in the food industry, where incubators have historically provided practical support (kitchen space, technical advice) but not money, while investors have often been reluctant to part with cash until firms have proven themselves.
However, the landscape has changed dramatically over the past few years as smaller food and beverage firms have driven a lot of the growth in the industry, and new platforms have been created to support them, said Food-X marketing and communications manager Martin Noble.
The Spring 2016 Cohort:
Barley & Oats – A mother focused packaged good line & meal delivery service (pregnancy, postpartum & breastfeeding)
Bite – Smart menus with cross category recommendation engine powered by analytics to strengthen the customer experience and increase share of wallet
Eattiamo – Digital network and marketplace of the best Italian food producers
FreshSurety – Disruptive IoT technology reporting real-time freshness, location, and temperature of produce & fresh meat at the carton level
Lotus Scoop – All-natural, artisanal ice cream from plant to pint
Mölli – Cooking marinades and sauces capturing distinct flavors of different regions of Mexico as they were meant to be captured.
Plasma Nutrition – Technology that Significantly increases the effectiveness of whey protein through patented plasma process increasing solubility and absorption
ProTings – Baked, vegan, high protein chips made from highly digestible pea protein
Saucey Sauce – Dynamic, home-style Vietnamese sauces based on treasured family recipe
Wine Sherpa – Mobile platform connecting wine drinkers and their local wine stores to improve the overall experience
Source: http://www.foodnavigator-usa.com/Manufacturers/Food-X-2016-accelerator-unveils-2016-spring-cohort
Apply to Food-X at http://food-x.com/apply/
