Early stage entrepreneurs seek to “redefine the food system” in Food-X’s 10th cohort
08 Oct 2019 --- With expressed ambitions to “scale change throughout the food system,” eight food innovation start-ups have been unveiled under Food-X’s latest cohort: Cohort 10. Through its program, the New York City-headquartered accelerator is investing in early stage entrepreneurs tackling key global food challenges. Among the companies are an Artificial Intelligence (AI) -powered precision nutritional platform; a disrupter fueling the tea category with clean, raw, fresh-leaf products; a venture offering antioxidant-rich beverages made from upcycled avocado seeds; and a start-up tackling global food waste – “one city at a time.”
“Food-X fosters new generations of entrepreneurs that bring innovative concepts to market,” says Peter Bodenheimer, Managing Director and Partner, Food-X. “Health-conscious consumers are rising up and the food as medicine movement has arrived. Seventy-five percent of Cohort 10 makes nutrition a top priority to help treat chronic disease, improve health and increase quality of life. ”
In particular, Food-X is spotlighting new businesses that showcase potential in helping solve significant global food challenges in the spaces of: health and wellness, sustainability, food safety, traceability, supply chain efficiency and transparency, among others. The accelerator looks for start-ups within the traditional food value chain, such as production, processing, distribution, consumption and disposal, as well as those leveraging emerging technologies to transform the industry and those “prescribing” nutrition as part of the burgeoning food as medicine movement.
For Cohort 10, Food-X reviewed nearly 500 applications from more than 50 countries before landing on eight start-ups from Canada, the Czech Republic, Denmark and the US. The accelerator highlights that half its Cohort 10 companies are led by a female CEO, well above industry average. Moreover, the accelerator notes that 25 percent of the start-ups in its Cohort 10 are minority led or “co-led.”
“What sets Food-X apart is that, as a professional investor, it looks at what’s happening in society, what’s happening in technology, in the environment, in the economy and in politics that’s influencing consumer behavior – all to stay at the forefront of food industry trends,” Bodenheimer tells FoodIngredientsFirst.
Millennia TEA is one among the Food-X Cohort 10 startups.Cohort 10 is comprised of the following start-ups:
AI Nutrition: An AI-powered precision nutrition platform that integrates with online grocers to automate the shopping experience for better health outcomes, lower costs and reduced food waste.
Bevv: An online marketplace and a logistics and e-commerce solution for craft breweries and cideries to reach consumers – from the taproom to their front door.
Edi Health: A curated health and wellness marketplace featuring nutrient-dense ingredients and products from top global brands.
Farma Genetix: A start-up harnessing food as medicine to help withchronic conditions through genetically tuned natural supplements and personalized customized diets.
Hidden Gems Beverage Company: A venture offering antioxidant-rich ready-to-drink beverages made from upcycled ingredients to move towards the complete reutilization of produce and reduce food waste. First up: Avoh!, a beverage made from avocado seeds.
Millennia TEA: The creators of a new category of tea – clean, raw, fresh-leaf tea – to deliver maximum antioxidants and fuel wellness.
YoFiit: A start-up aiming to elevate nutrition in the plant-based food and beverage category, including “Miylk10” – a high protein, gum-free, non-dairy milk made from chickpeas and flax that matches the macronutrients of 1 percent cow’s milk.
YourLocal: A food-rescue start-up working with reputable neighborhood restaurants to offer quality surplus food at 50-70 percent off to conscious consumers via the YourLocal app.
Through its intensive three and a half month program, Food-X is assisting these new businesses grow quickly to reach their full potential via financial and human capital investments that span start-up capital, expert mentorship, and access to a global network of thought leaders, as well as a growing Food-X Alumni community. The program culminates with a capstone event: an opportunity to present the company to angel investors and venture capital funds.
Following the start-ups’ “graduation” from the program, the accelerator continues its long-term relationship with the ventures, providing follow-on investment and ongoing guidance.
Since its establishment in 2014, Food-X has worked with over 85 young companies. In total, the accelerator has invested more than US$10 million in start-ups, such as Halla, Uplift Food, Bizzy Coffee, Simply Good Jars and Abbot’s Butcher, who have gone on to raise an additional US$40 million.
By Benjamin Ferrer
