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Apr 06, 2023 16:14 EEST
April 6 (SeeNews) - Bulgarian business management consultancy Launchlabs Sofia launched a food technology (foodtech) innovation accelerator, Future Verticals, through which foodtech startups will be eligible to receive funding between 20,000 euro ($21,880) and 200,000 euro, local fund Vitosha Venture Partners said.
Projects with the highest market potential will be financed by Vitosha Venture Partners and some of the mentors in the programme, who are also angel investors, Vitosha said in a press release on Tuesday.
The Future Verticals programme aims to foster the development, validation and implementation of cutting-edge ideas and companies that will shape the future of Bulgaria's foodtech industry. It is designed for startup projects in the prototype or more advanced stages of development.
More than 50 mentors with expertise in company development, scientific research, VC funding, scaling and think tanks will partake in the programme by providing expertise, knowledge and practical advice, along with helping selected startups refine and validate their ideas. Companies will be able to test their prototypes in real-world environments with partners such as retail chain Kaufland, organic products maker and distributor Smart Organic, UK-based online grocery retailer Ocado, coliving space and restaurant Kitchen59 and food producer GrowTaste.
"We believe Bulgarian entrepreneurs are ready to move beyond the technological definition of innovation and create FoodTech and AgTech solutions that contribute to the health of the people and the planet,” Launchlabs Sofia managing director Elina Zheleva said.
The accelerator will focus on 15 priority segments with high potential for sustainable development, including plant-based and alternative proteins, sustainable packaging, precision agriculture, data analysis, food waste reduction, smart agriculture equipment and e-commerce. Participants will also gain knowledge and experience in several aspects of business, such as market research, finance and sales, among others.
The programme will take place from June to September.
($1 = 0.9141 euro)
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