How it Works
- Companies that receive investment from us join Food-X 2021; an approximately 4-month program tailored to strategically build your network of mentors, advisors, and investors to navigate your business through seed-funding and beyond.
- Companies meet regularly with our team, mentors, alumni, and experts in residence to identify the right marketing message, improve your user experience, refine your operations, and much more – often achieving in weeks what other founders take months or years to accomplish.
- Opportunities to refine and present your company pitch to our co-investor network run throughout the length of the program.
- The Food-X accelerator program is only the beginning: we co-invest in later rounds with alumni companies, help make connections, and offer continued support via a global network of SOSV alumni and advisors.
- For more information, please visit our FAQ below.
Summer – Fall 2020
Applications remain open
Company selection and offers extended
Food-X 2021 program begins
Program participants get access to a wide range of partner benefits and perks that will help clear the way for your success
When is the next Food-X program, and how long will it run?
The next Food-X program will begin in early 2021 and companies can expect to spend approximately 4 months in the program. Companies will be onboarded beginning in January 2021.
Is the next program virtual or in person in New York City?
We will begin Food-X 2021 virtually in January. Companies will participate in the program remotely from anywhere in the world they have a stable internet connection and are running their business. The majority of programming occurs during U.S. business hours so international founders may need to adjust their schedules. When COVID-19 conditions and international travel to NYC proves to be safe and possible, we are excited to offer a part of the program in person.
What is your timeline for selecting the companies for Food-X 2021?
Applications are open now and our first batch of interviews begin in August and run through the fall. We plan to extend offers to companies that are the right fit for Food-X investments in November and early December 2020.
If you’ve already completed an application for the Fall 2020 cohort, your application is in our system and will be considered for the new Food-X 2021 program!
I’ve applied, when will I hear back?
First and foremost, thank you for applying. We received up to 500 applications for each cohort, and we have our work cut out for us – so it may take longer than two weeks to get back to you. We will begin updating applicants starting in August.
Is Food-X the right fit for my food tech startup?
For 6 years, Food-X has invested in early-stage companies innovating across the entire food system. We are the original omnifood investor!
We evaluate companies based both in the U.S. and internationally that touch every part of the food supply chain. This includes ag-tech, food as medicine, supply chain modernization, personalized nutrition, personalized e-comm retail, AI and data platforms servicing food systems, wellness, functional foods, food-related apps, circular economy tech, and beyond. For more about how we evaluate companies, please take a moment to read this post, and take a look at our most recent investments.
What types of food companies are not a fit for you?
While Food-X personally supports and respects the hard work of all founders, we are part of a venture capital firm and thus certain types of businesses are not the best fit for our model. These include brick and mortar restaurants, catering services, traditional small-scale farms, and CPGs that fall outside the functional food or food-as-medicine model.
Even if your company seems like a fit, you must also be prepared to grow your business on the timeline of venture capital. For more on what venture capital is (and is not), start reading here.
What are you looking for in a food startup to be funded by Food-X?
We exist to fund and support early stage food businesses created by founders who embrace resilience, persistence, take initiative when building a business, and can withstand the bumps and challenges of the long haul in building a company. We look for founders that demonstrate a deep understanding of their market, show self-awareness around their limitations, and are also willing to learn and receive feedback.
Building a business alone significantly increases the difficulty, so we look to back founding teams, not solo founders. While it raises the bar for consideration, in the right circumstances we will consider solo founders that have the right team already in place around them, and demonstrate the traits above.
How much funding do companies receive when accepted into the program, and do you invest after the program?
Our standard deal includes an investment in a total of USD $125,000 on a SAFE note that converts to 10% equity before a qualified financing event occurs. The investment is primarily a cash investment with a portion allocated for program costs.
Our goal at Food-X and SOSV is to be a long-term investor in our companies. We work to participate in subsequent Seed and Series A funding rounds. While follow-on funding is not guaranteed, companies that maximize their time in Food-X tend to see us becoming their first long-term capital partner. We know that raising money can be tough in any environment, so we work with our founders to provide support as they enter their post-accelerator stages of investment.
* Please note that the investment deal for Food-X 2021 is still under review and may change depending on the details of the program.
What else do I get in addition to funding from Food-X?
Food-X is more than just an individual accelerator or a traditional VC firm: we are powered by and are part of the global venture capital firm SOSV. Because of this, each Food-X company enjoys the benefits of an intensive, custom-built program tailored to your business and becomes (for the life of your company and beyond) part of a global community of entrepreneurs, investors, mentors, and supporters who are focused on helping you succeed. SOSV has invested in over 1,000 startups. You’ll be in great company!
On a tangible level, SOSV companies have access to over $750k in perqs per company forever, virtual events, and, when safe and possible, in-person events and opportunities for co-working.
Does it cost money to participate in Food-X?
Companies do not pay cash when joining Food-X, but as detailed above, a portion of investment into your business is through the program costs.
Do you fund companies that are competitive with each other?
We do our best to avoid making investments that are directly competitive with active companies in Food-X or the global SOSV portfolio.
Can you tell me more about Food-X?
Founded in 2014, based in New York, and twice recognized by Fast Company as one of the world’s top 10 most innovative companies in the food category, Food-X is the O.G. global food system innovation accelerator. We have invested in nearly 100 Food-X companies that have gone on to raise scores of millions in post-program funding. With a mission to foster innovation and change throughout the food system, Food-X empowers early stage food companies across the supply chain, from agtech through direct-to-consumer brands.
How is Food-X connected to SOSV?
Food-X is powered by SOSV a global venture capital fund with over $750 million in assets under management and a staff of more than 120 people operating world-class vertical accelerator programs. For more, please visit www.food-x.com. Follow the conversation on Instagram, Facebook, Twitter, and YouTube. #FoodX