Global brands including Coca-Cola, PepsiCo and Danone are among the ten founding members of the newly formed China Food Tech Hub.
Created by Chinese food tech venture capitalist, Bits x Bites, the hub aims to encourage cooperation between start-ups and corporations in collaboration with a multinational consortium of biotech firms, agricultural processors, flavour houses and consumer food companies.
The founding members have agreed to work together in order to help accelerate the food tech market in China. “Like most parts of the world outside of Europe and the US, food tech is still in its infancy in China and there hasn’t been a strong ecosystem to support startups in this space,” said Matilda Ho, founder and managing director of Bits x Bites.
“As China’s first food tech VC, we see an opportunity to bridge and strengthen these partnerships and hopefully make it easier for startups and corporations to share insights and work together.”
Through regular meetings, the companies will exchange insights and work with food tech startups to explore pilot projects and other forms of collaboration. “The Chinese market evolves at an incredibly fast pace,” commented David Machiels, R&I director of Asia expansion and innovation acceleration at Danone.
“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,” Machiels explained. “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.”