FOODTECH:
HEALTH & WELLNESS
Ingredients, technologies and experiences for the future of food and snacking.
ACCEPTING APPLICATIONS
Sente, in partnership with Griffith Foods, the global snacks company Pladis and the Northstar Innovation Company (the innovation arm of global food and retail company Yildiz Holding), and leading ingredients company Ingredion, are investing in early-stage startups with novel ingredients, snacks, packaging and technology that can meet the needs and desires of an ever-evolving consumer landscape.
Selected startups will have access to the full capabilities and reach of companies across the entire value chain of food (agriculture, ingredients, production, packaging, distribution and retail) to help them scale their manufacturing, distribution and digital resources, while also getting an opportunity for investment from our VC partners.
Starting in May 2021, we will select startups from around the world for the opportunity to work with international snacks, food and retail brands as well as the chance for a $75,000 investment (first stage) and $50k-$250k (follow-on investment possibility).
We are looking for early-stage startups with technologies in areas such as:
New Ingredients
Sustainable,, good-for-you and "free from" alternatives to common snack ingredients; sugar / fat reduction & replacement, clean label
New Food Products
"Good for you" foods - e.g. protein sources, fiber, antioxidants, functional foods (probiotics, antioxidents, etc.), new eating experiences
New Packaging
Reduced packaging footprint, preservation technologies and digital technologies in food packaging for new experiences
Food R&D Tech
Digital products to evaluate ingredients and predict consumer preference in food
Food Process Tech
More efficient, scalable, cost- efficient food manufacturing processes, quality management techniques
The program agenda is as follows:
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Week 1 will be an intense, hands-on evaluation and refinement of startups’ business model for global scale-up and relevance for doing potential projects with major food & retail brands. You will also interact with corporate partner teams immediately starting in Week 1
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In Weeks 2-5, teams will work with Sente and the corporate teams to refine the evaluation of their overall scale-up potential (e.g. technology, business model, unit economics, scale-up economics, competition and industry dynamics)
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A FoodTech investor conference, where startups will be showcased in a virtual tradeshow, panel discussions and 1:1 networking opportunities
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Selected startups will receive an investment of $75,000-$100,000 in the form of a SAFE agreement, and will receive continued support from the Sente and corporate partner teams, including connecting them with projects within the business and the potential for scale-up and/or follow-on investment.
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Potential follow-on investment of $250k+ in future rounds based on their success (at mutually agreed terms and valuation).
Other program terms:
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There are no commitment from corporate partners and their brands to proof-of-concept or pilot projects with any particular startup, but the program has executive-level sponsorship to work with early-stage startups.
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Sente will receive the option to purchase an additional 2.5% shares (in the form of a warrant) for startups participating in the program
