Korean Food Giant Nongshim Invests $85M in Venture Funds for FoodTech Startups
Korean food giant Nongshim is intensifying its efforts to discover and nurture food tech startups by investing a total of 10 billion KRW into venture funds. Nongshim announced that it will invest 5 billion KRW in the startup investment funds operated by ‘Stonebridge Ventures‘ and ‘IMM Investment‘ each.
Through these two venture funds, Nongshim aims to focus on fostering startups with technologies capable of innovating the food value chain, including cultivated meat and smart farming, as well as digital transformation.
Cultivated meat, expected to become an environmentally friendly alternative to traditional meat, is experiencing a global surge in popularity. Given Nongshim’s previous endeavors in the plant-based meat industry under the ‘Veggie Garden’ brand, the company anticipates significant synergy by collaborating with startups possessing cultivated meat technology.
Nongshim has been making visible progress in the smart farming sector, with recent activities including the establishment of a dedicated team and the exploration of export opportunities to Middle Eastern countries. Therefore, they anticipate that collaborating with startups holding relevant technologies will enhance their competitiveness in the smart farming domain.
In addition to fund investments, Nongshim has opened an ‘Open Innovation Homepage,’ serving as a platform for startups to propose collaboration and request investments at any time. Food tech startups will have the opportunity to receive support, with assessments conducted by both Nongshim and specialized venture capitalists to determine collaboration and investment feasibility.
Nongshim embarked on startup investments by launching the ‘Nongshim techUP+’ program in 2018, engaging with startups in various fields and promoting collaborative efforts over the past five years.
[Korean Foodtech Startup News]
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