South Korean food giant to invest KRW 10bn in food-tech start-ups

Business

South Korean food giant to invest KRW 10bn in food-tech start-ups

Phoebe Fraser

26 October 2023

South Korean food giant to invest KRW 10bn in food-tech start-ups

South Korean food giant Nongshim has announced that it is investing KRW 10bn (approx. $7.37 million) in food-tech venture funds, particularly those working with cell-based meat.

Nongshim says it will use the capital to help discover and foster emerging food-tech companies in South Korea, particularly in areas like smart farming, digital transformation and cell-based meat, which it says it views as the closest and most viable alternative to conventional meat in the future.

The funding will be split equally between two Seoul-based start-up funds managed by Stonebridge Ventures and IMM Investment, with Nongshim aiming to champion start-ups that can transform the food value chain.

Nongshim began investing in start-ups in 2018 with the launch of its Nongshim techUP+ programme and says the value of the stakes it has invested in has more than doubled.

According to a report by South Korean news outlet JoongAng Daily, a Nongshim spokesperson said: “Investment in startups was decided following internal reviews. We’re investing through specialised investment funds to conduct a more in-depth evaluation and to explore more deeply.”

#Nongshim #SouthKorea

South Korea

Funding & Investments

Cell-based meat

Food

GFI APAC joins forces with World FoodTech Council to accelerate alt-protein innovation

The Good Food Institute (GFI) Asia Pacific has initiated a partnership with South Korea’s World FoodTech Council, focused on accelerating domestic alternative protein innovation.

South Korea to establish first dedicated cultivated meat research centre

South Korea is launching its first cultivated meat research centre with ₩14.5B ($10M) public funding to strengthen its food tech leadership.

Simple Planet introduces serum-free cell culture medium

Simple Planet, a South Korean alternative protein lab, has developed an innovative serum-free cell culture medium using recycled probiotics.

Korean tri-party initiative launches to accelerate cultivated meat within the region

GFI APAC, KoreaBIO and the Bio-based Future Food Industry Committee have joined forces to accelerate cellular agriculture within the region.