PeakBridge, a Malta-based agritech venture capital fund manager, and EIT Food have launched a new €30 million food program called FoodSparks, The fund will invest in continent-wide seed and early-stage startups which focus on food production, supply, and sustainability.
The €30 million will be spread over four years and between around ten startups a year. That means that more or less each one will receive approximately €750,000 each if the funds are distributed equally. But how can the relevant organisations gain access to these funds?
Those that qualify must be based in Europe, the European Free Trade Association, or Israel. They’ll also require unique and scaleable IP and must be in line with EIT Food’s goals of making the food system sustainable, healthy and trustworthy.
Erich Sieber, managing partner with PeakBridge said that successful applicants will get “direct access to the EIT Food network, thus creating significant additional value” along with the FoodSparks investment.
EIT Food CEO Andy Zynga had this to say: “Funding the next generation of agrifood innovations is one of the most important steps we can take in ensuring a sustainable future for the global food system.” This makes for a fantastic opportunity for entrepreneurs and startups across the bloc so that they can both achieve their dreams and help solve the global issues of reducing food waste and finding the next big meat alternative.