Sparks FoodTech consortium to operate Israel’s FoodTech Incubator

Israel Innovation Authority has selected Sparks Foodtech Food Technologies, a consortium of food makers and VC funds, to establish and operate the FoodTech incubator.

The consortium, which consists of Tnuva and Tempo, and the investment funds OurCrowd and Finistere Ventures, was selected following an eight-month-long competitive process.

The Sparks FoodTech incubator will be located in Kiryat Shemona in the north of Israel and will focus on investing in advanced technology start-ups that will drive the food industry.

Last month, Finistere Ventures partnered with OurCrowd, Tnuva and Tempo to form a consortium to invest $100m in agrifood start-ups.

The partnership was established after the Israeli Government created an innovation incubator on food technologies.

Israel Minister of the Economy Eli Cohen said: “The establishment of a technological incubator in the northern region is another important step towards turning Israel into a superpower in the food technology sector as well.”

Additionally, the consortium aims to encourage, support and invest in Israeli entrepreneurs, building companies to meet evolving consumer demands, and transform the existing agriculture and food chain.

The start-up companies will be able to access the consortiums’ extensive industry network and gain direct access to leading global food and beverage giants.

Finistere Ventures co-founder and partner Spencer Maughan said: “Finistere has always believed in connecting global technology ecosystems to Silicon Valley capital and we have had a long-standing commitment to the Israeli startup scene.”

The consortium also intends to offer entrepreneurs the guidance in technology development and due diligence, team building, business development, seed and Series A investment strategies, and the production and marketing of food.