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Israel: Finistere, OurCrowd, Tnuva, and Tempo officially launch consortium activity for $280M FoodTech Incubator

In a ceremony held in Kiryat Shemona, Israel, a consortium consisting of global agrifood investor Finistere, venture investor OurCrowd, Israel’s largest food manufacturer, Tnuva, and leading Israeli beverage company Tempo Beverages officially launched activity for their NIS 1 billion (US$280 million) “Fresh Start” FoodTech Incubator. 

The consortium is a very well-rounded collective of players bringing together partners that aim to build out new companies that will be part of an evolving ag and food supply chain. Each partner can offer unique experience, knowledge, and resources to the whole, enabling the consortium to give entrepreneurs guidance that touches upon a range of factors from tech and business development, due diligence, team building, early-stage investment strategies, to food production and marketing.

The four-way partnership was initially announced in May of this year following the launch by the Israeli government of a foodtech innovation incubator in the north of the country. Together, Finistere, OurCrowd, Tnuva, and Tempo bid to operate the incubator, which was established as part of the innovation center planned by Kiryat Shemona.

“We are proud of the selection of Kiryat Shemona as the residence for the venture and expect that the venture will generate a national-level impact, both for Kiryat Shemona and for the Galilee as a whole,” said Avihai Stern, mayor, Kiryat Shemona.

The fund will focus on investment opportunities along the entire food and beverage supply chains, with a particular focus on milk and protein substitutes; improving nutritional value and personalized nutrition; innovative raw materials; smart food packaging, cannabis; and IoT, AI, and Big Data.

Read the full article at Global AgInvesting (Lynda Kiernan)

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