13 May 2019 | News
Announces 10 Founding Member Companies
Chinese food tech VC Bits x Bites has created The China Food Tech Hub, a new model to foster cooperation between startups and corporations in collaboration with a multinational consortium of biotech firms, agricultural processors, flavor houses, consumer food companies.
This consortium that includes Coca-Cola, PepsiCo Greater China and General Mills, has agreed to help accelerate the food tech ecosystem in China through teamwork and shared insights, according to founder and managing director of Bits x Bites Matilda Ho.
Bits x Bites wants the China Food Tech Hub to provide a neutral platform for companies to cooperate with startups and each other as a smarter way to innovate, tackle business challenges, and create new growth opportunities. Through regular meetings, the companies will exchange startup insights and work with food tech startups to explore pilot projects and other forms of collaboration.
All of the founding member companies in the China Food Tech Hub are multinationals that are looking to grow their established presence in the Chinese market and increase their cooperation with early-stage food tech companies. These companies include:
Louis Dreyfus Company
PepsiCo Greater China
“The Chinese market evolves at an incredibly fast pace,” says David Machiels, R&I Director 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. 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.”