Plant-based food startup Float Foods said this week it has launched a new incubator for plant-based food innovators in Indonesia (h/t Green Queen). Dubbed NEWFOOD Startup 2020, the program is a joint effort between Float Foods and food incubator Ultra Indonesia.
According to the NEWFOOD 2020 website, the program will invest in “up to 10 of the strongest performing Indonesian companies” creating plant-based alternatives to animal products. Meat and dairy alternatives are the obvious products here. Companies working with tech solutions geared towards plant-based foods and novel packaging products are also welcome to apply. All companies should have a minimum viable product at the time of their application.
The program comes at time when the alternative protein sector is seeing a huge amount of demand and investment dollars. At last check, over $1 billion has been invested, with the bulk of that money going towards plant-based products. While the U.S. is still the largest market for alt-protein, the Asia-Pacific region is also seeing significant growth, too. Float Foods says that the market for plant-based proteins in Indonesia has witnessed “tremendous growth” in demand over the last few years and will grow at a CAGR of 6 percent in the Asia-Pacific region by 2025.
Part of the demand for plant-based proteins comes from new intel around safety and ethical standards in traditional meat-packing plants, not to mention outbreaks of COVID-19 at facilities.
The NEWFOOD 2020 program is looking for companies that can answer this demand. The program will be completely virtual, with 40 days of online mentorship sessions for pre-selected companies on a range of topics, including business development, distribution, financial projections, and company valuations. Following that, 10 companies will be selected via an online demo day and will receive up to $25,000 each.
The program is currently accepting applications. Registration closes September 25.
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