South Korean food giant to invest KRW 10bn in food-tech start-ups
South Korean food giant Nongshim has announced that it is investing KRW 10bn (approx. $7.37 million) in food-tech venture funds, particularly those working with cell-based meat.
Nongshim says it will use the capital to help discover and foster emerging food-tech companies in South Korea, particularly in areas like smart farming, digital transformation and cell-based meat, which it says it views as the closest and most viable alternative to conventional meat in the future.
The funding will be split equally between two Seoul-based start-up funds managed by Stonebridge Ventures and IMM Investment, with Nongshim aiming to champion start-ups that can transform the food value chain.
Nongshim began investing in start-ups in 2018 with the launch of its Nongshim techUP+ programme and says the value of the stakes it has invested in has more than doubled.
According to a report by South Korean news outlet JoongAng Daily, a Nongshim spokesperson said: “Investment in startups was decided following internal reviews. We’re investing through specialised investment funds to conduct a more in-depth evaluation and to explore more deeply.”