Seafood giant Thai Union Group has announced an initial investment of US$30 million (€26.98 million) in a venture fund to support companies developing breakthrough technologies in food-tech.
The venture fund will focus on businesses functioning in alternative proteins, functional nutrition, and value chain technology.
Alternative protein start-up from Israel, Flying Spark, will be the venture fund's first investment, the John West parent said.
Flying Spark's cost-effective technology enables the cultivation of fruit fly larvae as an alternative protein source.
Thai Union CEO, Thiraphong Chansiri, said, "As we move into the coming decade, we will increasingly cooperate with innovative start-ups in strategically interesting areas. This will complement our own activities as we are broadening our business beyond our traditional core."
Most recently, the seafood company teamed up with Thailand’s National Innovation Agency and Mahidol University to launch Space F, Thailand’s first food-tech incubator and accelerator programme.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.