Olaf Koch, ex-chief executive of retail giant Metro, has set up his own fund for innovative food startups, named Zinitus, which is initially expected to raise around 150 million euros.
The new fund’s website states, “The food industry is facing a significant change. Greatly altering consumer requirements paired with the need to use our planet’s resources more responsibly will lead to an unprecedented wave of innovation. We are determined to support the upcoming wave of innovations, accelerate it and make it sustainable . We bring a unique combination of knowledge, experience and contacts to the table, which provides the basis for superior value generation along the whole chain.
“We are ZINTINUS and we will actively contribute to the transformation of the food industry.”
Speaking to Handelsblatt, Koch commented on his plan, saying, “We want to support the founders not only with capital, but also with our broad network and knowledge. Things that money can’t buy.”
According to Koch, interest from potential startups seeking funding is already very high. In the first closing of subscriptions, Zintius was already able to raise around 50 million euros from family offices and high-net-worth individuals.
Koch goes on to say, “Since the pandemic at the latest, a rethink has taken place among consumers across generations. The playing field in the eight trillion dollar food industry is huge.”
