Finistere Ventures, OurCrowd, Tnuva, and Tempo Beverages Announce Partnership to Invest $100 Million in Israeli FoodTech and AgTech Innovation
KIRYAT SHEMONA, Israel & PALO ALTO, Calif.--(BUSINESS WIRE)--May 28, 2019--
Finistere Ventures, a global agrifood investment leader, OurCrowd, Israel’s most active venture investor, Tnuva, Israel’s largest food manufacturer, and Tempo Beverages, the leading Israeli beverage company, today announced the creation of the largest consortium focused on championing FoodTech and AgTech innovation in Israel. Centered on Israeli technologies throughout the food and beverage value chain – from alternative proteins and nutritional value improvements, to functional ingredients and supply chain efficiency – the consortium will invest up to $100m in local best-in-class agrifood startups.
The partnership was created following the Israeli government’s establishment of an innovation incubator in Northern Israel focused on FoodTech. Finistere Ventures, OurCrowd, Tnuva and Tempo Beverages will be bidding to operate the incubator being built as part of Kiryat Shemona’s planned innovation center, to intensify their investment in the Israeli FoodTech community.
Together Finistere, OurCrowd, Tnuva, and Tempo, will actively encourage, support and invest in Israeli entrepreneurs building new companies to meet evolving consumer demands and transform the current ag and food chain. Thanks to the partners’ extensive industry network, entrepreneurs will also be able to gain direct access to leading global food and beverage giants such as PepsiCo, Bright Food, Heineken and Nutrien.
Co-Founder and Partner at Finistere Ventures Arama Kukutai said, “Israel has become a top innovation hub in the FoodTech and AgTech arena. We are committed to expanding our local partner network and, most importantly, increasing our investment in, and support of, Israeli disruptors across the entire food and ag value chains as they look to penetrate the global market.”
OurCrowd CEO Jon Medved said, “FoodTech is now one of the hottest dishes on the Israeli innovation menu. When four innovation master chefs Finistere, OurCrowd, Tnuva, and Tempo get together to cook and create the newest companies the results are going to be scrumptious.”
The consortium brings together two leading venture investors: Finistere and OurCrowd. OurCrowd, Israel’s most active venture investor, has $1B in commitments and has made investments in 170 companies and funds, including foodtech portfolio company Beyond Meat - (( NASDAQ:BYND ), which recently completed 2019’s most successful IPO and is currently trading at a value of over $4 billion). Finistere Ventures is a global $150 million fund dedicated to investments in agrifood technologies and supported by investors such as AVAC, Bayer, Ireland’s Strategic Investment Fund, Nutrien, PepsiCo, and Unigrains. Entrepreneurs will gain access to OurCrowd’s extensive Israeli startup power including a community of 30,000 registered investors from over 180 countries and Finistere’s global network of the leading agrifood investors, accelerators/incubators, and public research institutions. In fact, the two firms already work together in partnership with U.S.-based Radicle Growth Fund, which recently announced its intention to make seed investments in Israeli FoodTech and AgTech companies as well.
As the leading Israeli food and beverage companies, Tnuva and Tempo have a long history of promoting FoodTech innovation, working with startups and academic institutions. With extensive operations in Northern Israel, they have a stronghold on the local food industry and changing consumer/sustainability needs, as well as a rich ecosystem of farmers, employees and industry contacts to leverage for emerging entrepreneurs. With tremendous global partners like Bright Food, Heineken Enterprises, PepsiCo, Soda Stream, and more, Tempo and Tnuva hope to create open innovation forums through the consortium.
Tnuva CEO Eyal Malis said, “Today, more than half of Tnuva’s activity is located in the north of Israel. The Ministry of Economy’s decision to establish the FoodTech project in the Northern city of Kiryat Shemona is a unique opportunity for us to reach groundbreaking results, and the fact that we have joined a number of strong partners with extensive activity and experience creates a strong foundation to promote and advance FoodTech innovation around the world.”
Tempo Chairman and CEO, Jacques Beer said, “The food industry, a traditional industry at its core, is experiencing the challenges of the new world, one of rapid change and innovation, in both product and process. At Tempo, having internalized the need and desire to be at the forefront of this development, we have innovated and renewed all our areas of activity. In both products and processes, we have worked closely and intensively with our international partners. This is the knowledge and experience we seek to bring into the consortium. We are confident that together with our partners, we will develop in Israel’s Northern region, the next great technological breakthroughs of Israel in the world of FoodTech.”
With each partner offering unique experience, knowledge and resources, the consortium will give entrepreneurs guidance across a broad range of activities, including technology development and due diligence, team building, business development, seed and Series A investment strategies, and the production and marketing of food.
About Finistere Ventures: Finistere Ventures is a leading global agricultural technology and life sciences venture capital investor with offices in Palo Alto, San Diego, Ireland and Israel. Its team has developed and invested in some of the most successful AgTech companies of the last 20 years—building and backing companies worth more than $5 billion. Visit Finistere.com. For a detailed analysis of early stage ag and foodtech funding activity and specific trends in Israel, please review Finistere’s “ 2018 Early-Stage Agtech Report.”
About OurCrowd: OurCrowd is the leading global equity crowdfunding platform for accredited investors. Managed by a team of seasoned investment professionals and led by serial entrepreneur Jon Medved, OurCrowd vets and selects companies, invests its own capital, and invites its accredited membership of investors and institutional partners to invest alongside in these opportunities. OurCrowd provides support to its portfolio companies, assigns industry experts as mentors, and creates growth opportunities through its network of strategic multinational partnerships. The OurCrowd community consists of almost 30,000 registered investors from over 180 countries. Rated “the most active venture investor in Israel” by Pitchbook, OurCrowd has $1B in commitments and has made investments in 170 companies and funds. OurCrowd already has 34 exits to date. OurCrowd exits include: Beyond Meat’s IPO ( NASDAQ:BYND ); JUMP Bikes sold to Uber, Briefcam sold to Canon, Argus sold to Continental, Crosswise sold to Oracle, and Replay sold to Intel. To join OurCrowd as an accredited investor, visit www.ourcrowd.com.
Tnuva Group is Israel’s biggest food conglomerate, 1.7B $ revenue, holding ~16% market share of the total F&B Israeli market. Operating from farm to fork, through 26 production and operational sites country wide, Tnuva holds an important role in Israel’s economy and agriculture, as over 80% of its raw materials are locally originated. Tnuva is market leader of the Israeli dairy market as well as various frozen goods categories.
About Tempo Beverages
Tempo, the longest established beverage company in Israel, is the market leader in alcoholic beverages (Beer, wine and spirits) and the co-leader of the non-alcoholic beverages market (With leadership position in premium water, energy drinks and malt beverages). Tempo has powerful long lasting alliances with large global business partners such as PepsiCo, Heineken, Nestle Waters, Pernod Ricard, San Benedetto, XL Energy and others. The company employs a workforce of just over 1,200 employees, and supplies its products directly to about 11,000 customers nationally. Tempo’s annual turnover is around € 350 Million.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190528005115/en/
Erica Camilo, Connexa Communications for Finistere Ventures
Erica@connexacommunications.comLeah Stern, OurCrowd Director of Communications
P: +44 747 019 6826
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MIDDLE EAST ISRAEL
INDUSTRY KEYWORD: OTHER CONSUMER TECHNOLOGY SUPPLY CHAIN MANAGEMENT OTHER TECHNOLOGY MANUFACTURING OTHER MANUFACTURING RETAIL FOOD/BEVERAGE CONSUMER
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PUB: 05/28/2019 07:00 AM/DISC: 05/28/2019 07:01 AM