After celebrating the investor demo day for the first cohort of the Spain FoodTech accelerator program, the chosen startups’ valuations (as listed below) have risen by over sixfold, now boasting an average valuation of €7.5 million. The disruptive startups include a hyper-realistic 3D printed plant-based steak, precision fermentation proteins, mycelium-based burgers, checkout technologies, and hydroponic vertical and indoor farming.
“They are already getting solid traction with leading international investors and corporations”
Presented by Eatable Adventures – a global foodtech accelerator and investor – the Spain FoodTech accelerator program received over 200 applications for the first edition of Spain Foodtech, including foreign entrepreneurs willing to locate their headquarters in Spain. Applications for the next cohort are now open for the 2022 edition.
The 5 selected startups have received a personalized acceleration plan with access to the technological support of Spain’s National Center for Food Technology and Safety, received guidance from ICEX – the Spanish government body for Export and Investment – as well as mentorship in their search for funding in order to scale. All these efforts have resulted in a boost for the startup’s valuation, which has been multiplied by more than 6 times, with an average valuation of €7.5 million which is being reflected in the resulting funding rounds. The startups will look to emulate the success of Spanish brands like Heura, as a recent report shows the alt protein boom presents significant business opportunities in Spain.
The startups featured are:
Presenting its MimETHICA platform, COCUUS designs large-scale bio-printing of plant-based products analogous to animal protein
Offering payment solutions in food service, PROPPOS AI applies artificial intelligence and computer vision to accelerates checkout times.
Based on the cultivation of mushroom mycelium, INNOMY is developing a range of animal protein substitute products.
Designing and operating hydroponic vertical farming and indoor farming facilities, H2HYDROPONICS develops systems for the most extreme climates.
Combining biotechnology and artificial intelligence, MOA Foodtech converts waste and by-products from the agri-food industry into next-gen protein.
“Several of the Spain Foodtech startups are disruptive at a global level, they are already getting solid traction with leading international investors and corporations. They have managed to generate amazing intellectual property which is having a strong social impact. It is a quantitative and qualitative success, and the value of the startups has multiplied by 6.3 during the program,” explained José Luis Cabañero CEO and Founder of Eatable Adventures.