Mondelēz invests in texture-driven Israeli food-tech start-up
11 Nov 2020 --- Mondelēz International’s innovation and venture hub SnackFutures has made a seed investment in Torr, an early stage Israeli food-tech company.
Torr’s proprietary technology brings “real and simple” ingredients together to offer multi-textural, sensorial experiences. Terms of the investment have not been disclosed.
SnackFutures made the investment in Torr alongside The Kitchen, Israel’s first food-tech-focused incubator powered by Strauss Group.
“Our investment in Torr validates Mondelēz International’s venture approach that began almost two years’ ago with the launch of our SnackFutures model,” says Rob Hargrove, executive vice president of research, development and quality for Mondelēz.
“Ventures and partnerships with new, innovative organizations enable us to secure future growth, and we will continue to expand our SnackFutures approach into new markets in the future.”
Torr was founded by food scientists and culinary experts Gil De Picciotto and Yoel Benesh, and Roy Naaman, who serves as the company’s CEO.
“Through The Kitchen’s and SnackFutures’ investment, we have the opportunity to accelerate our technology platform and expand its application,” says Naaman.
“The Israeli food-tech sector is one of the most dynamic and exciting ecosystems in the world,” adds Jonathan Berger, CEO of The Kitchen.
Torr’s proprietary technology brings “real and simple” ingredients together to offer multi-textural, sensorial experiences.
SnackFutures targets
In 2018, it was announced that Mondelēz was benchmarking SnackFutures to contribute US$100 million to revenue growth by 2022.
The hub is now looking to collaborate in key strategic areas of well-being snacks and related capabilities, as well as digital platforms, notes Mondelēz.
SnackFutures is behind emerging brands such as Dirt Kitchen, which specializes in vegetable snacking and CaPao, which uses cacao fruit to create smoothie balls and jerky strips in collaboration with Barry Callebaut.
State of Snacking report
In line with the new SnackFutures investment in Torr, Mondelēz announced the launch of the second annual State of Snacking report, a global consumer trends study examining snacking trends. The report affirms the company’s most recent statement that in snack sales for the at-home snacking market have surged amid the pandemic.
State of Snacking informs Mondelēz’s strategy to bite into the US$1.2 trillion total snack industry. In the analysis, almost 9 in 10 global adults (88 percent) say they are snacking more (46 percent) or the same (42 percent) during the pandemic than before, with millennials and those who are working from home right now being especially likely to say they prefer snacks over meals (70 percent and 67 percent, respectively).
More than half of respondents say snacking has been a “lifeline” during the pandemic (52 percent), especially parents who are working from home (69 percent).
Snacking is pegged an “antidote for loneliness and an avenue for connection,” as three in four global adults have made a connection with others via food in the last six months (77 percent), including making a snack together (40 percent), giving a snack as a gift (31 percent), or grocery shopping for someone who could not go themselves (29 percent).
Hungry for functional snacking
Ongoing anxiety stemming from the COVID-19 outbreak will encourage consumers to prioritize their immune health into 2021, according to Innova Market Insights. The market researcher has crowned “In Tune with Immune” as its fifth Top Trend for 2021.
According to the Innova Consumer Survey 2020, six out of ten global consumers are increasingly looking for F&B products that support immune health, with one in three saying that concerns about immune health increased in 2020 compared to 2019.
Echoing this, Mondelēz highlights that consumers are more focused on nourishing their “body, mind and soul during these strange times,” with immunity-boosting snacks particularly top of mind (56 percent).
Even before the pandemic struck, snacking and quick meals were already gaining ground through the trending “Fourth Meal” culture.
Edited by Benjamin Ferrrer
