Australia’s first foodtech accelerator program Simplot Ignite has announced the eight food tech businesses it will be backing to innovate the future of food. The three month intensive mentoring program will look to help five Australian startups and three scale-up businesses transform their ideas into profitable products and services.
The accelerator has come through a partnership between Simplot Australia and Slingshot. The program attracted 87 applicants of whom 30 were invited to pitch their ideas to a panel.
The program looked for applicants working on solutions for one of several problems facing the food space, including nutri-genomics and personalised nutrition, customer acquisition and retention, food solutions for healthy ageing, agribusiness, and convenience in food.
The three month program will see the participating startup companies receive $30,000 in funding in exchange for 10 percent equity, and the opportunity to receive a second round of funding of up to $100,000 from the Slingshot Venture Fund. All teams will have access to business training and development, marketing, infrastructure support, and legal and financial advice, as well as access to Simplot’s networks.
Simplot Australia Chief Marketing and Digital Officer, Fiona Allen said that the overall calibre of the ideas was outstanding and is a strong indicator of the level of innovation and disruption which is going to occur within the food industry over the next few years.
“Many of the successful applicants were able to demonstrate a unique business idea that was aligned with our business strategy, as well as solving a significant unmet market need,” she said.
“Simplot is passionate about creating new frontiers for our business and by investing in the best and brightest minds in the food technology space we aim to accelerate innovation not only within our business but for the greater good of the food industry.”
The startups taking part include:
A food app that has been described as ‘the food baby of Tinder and Uber.’ Their proposition is to improve upon pre-existing food apps like Menulog by focussing on the visual appeals of food.
Has the potential to deliver benefits of hyper personalised DNA based nutritional eating – in effect food as medicine.
A social networking platform based around shared dining experiences – the RSVP of dining experiences.
The Virtual Nutrition Clinic
Aims to reduce the time, cost and location barriers for people wanting to access personalised expert nutrition and could be game changing for the weight-loss and wellbeing industry.
The scale ups taking part include:
Rises to the consumer demand for low carb and sugar free products, with three brands including, The Protein Bread Co, Anna’s Low Carb Kitchen and Flat Tummy Foods
Focused on revolutionising the way food is being delivered by providing an on demand delivery market. The service has been described as the ‘uber’ for food home delivery, and is also taking part in muru-D’s SYD3 accelerator.
Targets the food service industry to streamline and build efficiency for the 80,000 small business operating in the Australian food sector.
All eight Simplot Ignite participants will also have the opportunity to present their concept to investors, with the potential to develop a commercial agreement with Simplot Australia.
Image: Simplot Ignite Pitch. Source: Supplied