Madrid-based Eatable Adventures, a foodtech accelerator, announced on Thursday that it has invested €15M in FoodSeed, the national Agrifoodtech programme in Italy, along with CDP Venture Capital Sgr, Fondazione Cariverona, and UniCredit.
Eatable Adventures mentions that the Italian agrifood system contributes 25 per cent to the country’s GDP and has been a major factor in the expansion and advancement of the country.
As compared to other foreign markets, this market is currently under a number of stresses that call into question the industry’s durability, effectiveness, and viability. Implementing new business models incorporating sustainability and technology as strategic pillars are necessary.
Eatable Adventures has been chosen by CDP Venture Capital’s national network of accelerators to lead FoodSeed. About €12M were allocated by CDP Venture Capital, Fondazione Cariverona, and UniCredit, while an additional €3.24M came from Eatable Adventures.
Aim of this investment
FoodSeed will use the funds to support startups during its acceleration programme and subsequent growth. Additionally, Eatable Adventures Italy will also support regional ecosystem development initiatives and open innovation projects.
With this, Eatable Adventures aims to boost the economic development and competitiveness of the Italian industry with a focus on partnerships between important participants in the agrifood value chain, such as businesses, startups, universities, and R&D facilities.
José Luis Cabañero, founder of Eatable Adventures, says, “The Italian food industry is undeniably a strategic market on a global scale, and its emerging ecosystem provides a fantastic opportunity to accelerate the implementation of new technologies in the sector.”
“We are excited to take on this new challenge and build synergies with a market that has very similar characteristics to Spain’s, which will undoubtedly help us structure the European agrifoodtech ecosystem,” he adds.
The new FoodSeed programme joins Eatable Adventures’ more than 10 incubation and acceleration programmes for businesses, governments, and projects developed by the accelerator itself.
What will the FoodSeed programme offer?
To support the growth of the most innovative agrifood Italian companies, FoodSeed will join the national network of incubators of the Italian public venture capital, which already has nearly 20 verticalised programmes.
In order to strengthen Italy’s innovation environments, particularly in Sustainable Agriculture, Food and Beverages, and Circular Economy, the initiative will choose 10 companies annually for three years.
Riccardo Fisogni, VP and GM of Eatable Adventures Italy, has been chosen by the incubator to serve as the project’s manager. Fisogni is a business angel, investment banker, and adviser with 10 years of expertise in strategic financial advice for companies and SMBs.
Fisogni will support the company’s 2023 agenda, which outlines efforts targeted at revitalising the regional agrifood ecology through the creation of new collaboration models with international ambitions.
Fisogni says, “Italy is a strategic market on the global stage, and it is now critical to accelerating the food system transition. The FoodSeed programme will power a new generation of foodtech startups in Italy, assisting in the global transition of the food system.”
“It is an excellent opportunity for both startups and Italian agrifood companies facing significant economic and environmental challenges. Innovation is the solution to our industry’s major challenges and a key driver of its competitiveness.”
About Eatable Adventures
Eatable Adventures claims to be one of the top food technology accelerators that finds, promotes and assists in expanding innovative and disruptive food businesses globally.
It has more than 40 corporate programmes each year, a community of more than 25,000 founders, and a deal flow of 3,000 foodtech projects analysed in 2022.
The firm says it is working to promote, develop, and share technologies in the agrifood sector in order to create tomorrow’s food system, which will be sustainable, effective, healthy, and guarantee global food security.
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