ImpactAlpha, August 10 – EIT Food makes early investments in European companies advancing a sustainable food system. The initiative of the European Institute for Innovation Technology committed bridge funding to help 13 startups weather COVID disruptions and continue research and development.
The companies include Poland’s plant-based protein startup NapiFeryn, which will use the funding to continue its R&D; France’s food preservation tech venture Antofénol, which will use the funding for product development; and an ingredients company that is forging ahead with new applications amid uncertainty in signing new customers.
Early-stage, deep-tech food companies require access to seed capital, facilities, equipment, and potential customers for product testing. “This access has – for a period of time – been rendered impossible and is only slowly getting back on track,” EIT Food’s Andy Zygna told ImpactAlpha. “Previously well-funded ventures and seed-stage companies are at risk.”
Nine of the companies EIT Food backed were already in its portfolio.
Most of the relief funding comes from EIT’s €60 million Crisis Response Initiative, part of the E.U.’s COVID response.