The China Food Tech Hub created by Chinese food tech VC Bits x Bites is a new model to foster cooperation between start-ups and corporations in collaboration with a multinational consortium of biotech firms, agricultural processors, flavour houses, consumer food companies.
This consortium which consist Coca-Cola, PepsiCo Greater China, Danone, and General Mills has agreed to help accelerate the food tech ecosystem in China. They agreed to do it through teamwork and shared insights, according to founder and managing director of Bits x Bites Matilda Ho.
Matilda Ho saya, “Like most parts of the world outside of EU and US, food tech is still in its infancy in China and there hasn’t been a strong ecosystem to support start-ups in this space. As China’s first food tech VC, we see an opportunity to bridge and strengthen these partnerships and hopefully make it easier for start-ups and corporations to share insights and work together.”
The Bits x Bites wants the China Food Tech Hub to provide a neutral platform for companies to cooperate with start-ups and each other as a smarter way to innovate, tackle business challenges, and create new growth opportunities. They will also collaborate with each other through regular meetings; the companies will exchange start-up insights and work with food tech start-ups to explore pilot projects, etc.
These list of companies include: Coca-Cola; Danone; General Mills; Givaudan; Griffith Foods; Louis Dreyfus Company; Novozymes; Nutreco; PepsiCo Greater China; Puratos
Machiels, R&I Director Asia Expansion and Innovation Acceleration at Danone said, “The Chinese market evolves at an incredibly fast pace. To maintain our edge in the categories where we play, we believe that it is key to be able to identify emerging new ingredients, technologies, product formats and business models in order to define new innovation opportunities for our consumers. By working with the startup and corporate community through the China Food Tech Hub, we want to contribute to further build the food tech ecosystem in a collaborative way, feed our innovation needs and identify new project opportunities in China.”