Millennium Food-Tech, a TASE-traded food R&D partnership, has signed a strategic partnership with food giant Strauss' The Kitchen accelerator to cooperate on investment in accelerator members, the company announced Wednesday.
Follow Israel Hayom on Facebook and Twitter
The Kitchen was founded in 2014 and has thus far invested in and helped found 19 companies and initiatives in the foodtech sector, including Aleph Farms, Better Juice, Flying SpArk, Amai Proteins, and Yofix. Portfolio companies of The Kitchen have raised over $72 million and created over 100 new jobs.
Millennium Food-Tech focuses on food companies active in the following areas: personally-tailored nutrition; alternative proteins; reduction of food waste; smart packaging; artificial intelligence (AI); and new ingredients. The partnership has raised 94 million shekels ($28.7 million) and has participated in funding rounds for SavorEast, Phytolon, Tipa, and TripleW.
The new Millennium/Strauss agreement, calls for the two companies to make certain investments through a dedicated corporation, SPV, which will be established for the purpose.
