ProVeg Incubator announces grants for plant-based food startups

ProVeg Incubator, which describes itself as the world’s first plant-based incubator, has announced all of the startups joining its accelerator programme in 2020 will receive funding between €20,000 and €200,000. 

It is the first time that each company accepted to join the initiative will receive a €20,000 grant, but the participating businesses have the potential for a further €30,000 to €180,000 in seed investment after completing the programme. 

Applications are currently being accepted from entrepreneurs interested in joining the incubator’s fourth cohort of start-ups, which will kick off in April 2020 and run for three months. The deadline for submissions is 16 February.

ProVeg Incubator is run in Berlin, Germany, and is open to companies worldwide that are developing plant-based, fungi-based, recombinant, and cultured products and solutions. 

Since its launch in November 2018, ProVeg Incubator has worked with over 30 startups from 16 countries, helping them to raise more than €8 million and launch over 40 products. 

Alumni include Better Nature, Vly Foods, Mondarella, Greenwise, Mushlabs, Legendairy Foods, Plantcraft, Cellular Agriculture, Panvega, and the nu company.

Albrecht Wolfmeyer, head of ProVeg Incubator, commented: “Supporting entrepreneurs who are passionate about redefining the food system is extremely exciting, and being able to offer a cash injection is another significant part of the package delivered by ProVeg.

“This funding will make a huge difference to startups in getting their businesses off the ground, boosting their research and development, and bringing their products and services to market.”

The ProVeg Incubator programme consists of a mix of intensive in-house and remote working weeks conducted over three months. Participants will have access to the co-working space in Berlin, one-on-one mentoring, workshops, expert talks, and exclusive events to help startups scale their companies, secure investment, and take their products to market.

ProVeg Incubator partners include Atlantic Food Labs, New Crop Capital, NX-Food, Blue Horizon, Good Seed Ventures, Purple Orange Ventures, Beyond Advisors, and Katjesgreenfood.

Figures released by market research firm Mintel, last week, showed sales of meat-free foods in the UK are set to exceed £1.1 billion by 2024.

Mintel said 23% of all new UK food product launches in 2019 were labelled vegan, with 32% of consumers saying eating less meat helps to improve their health.

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