EIT Food announces €900,000 to fund solutions which accelerate the commercialisation of agrifood products and services in Europe
- Four startups from across Europe chosen for prestigious programme to accelerate their commercial success
- The chosen startups include pest detection and tools to simplify food safety inspections
- Applications are now open for funding in 2025, open to mature startups with high potential to generate B2B/B2C sales for new or improved food innovations
EIT Food, the world’s largest food innovation community, has announced the winners of its Fast Track to Market Initiative, awarding €900,000 in funding to five startups across Europe. EIT Food is supported by the European Institute of Innovation and Technology (EIT), a body of the European Union.
Four winners were chosen to receive funding from the Fast Track to Market initiative, which provides funding to mature agrifood startups and SMEs to accelerate their commercial success and enter new, or expand in existing markets, faster.
The initiative will fund 6–10 month projects that can significantly accelerate the startup or SME’s commercial success, with the goal of creating immediate impact by bringing their products or services to market.
The proposed innovative solutions are expected to result in commercially viable products and services reaching the market, and work towards achieving EIT Food’s three missions: healthier lives through food; a net zero food system; and a fully transparent, fair and resilient food system.
The chosen startups from across Europe include:
scoutlabs (Hungary) – awarded €399,293
scoutlabs is transforming pest management with the world's most affordable and dense digital trap network. Its IoT devices capture daily high-resolution images of insect pests, analysed by AI and entomologists to provide precise pest pressure alerts. This allows farmers to reduce pesticide use by over 10 times, preserving crop yields and protecting beneficial insect populations. Its farmer-first approach promotes sustainable agriculture, enhancing food security and reducing waste.
Inspectle Food (Estonia) – awarded €80,000
Inspectle Food is a tool that allows quick and effective resolution of non-conformities in food hygiene and simplifies the process of carrying out food safety and hygiene inspections. By giving food producers a preventative tool against food waste, Inspectle helps identify and solve non-conformities in food production that, if unaddressed, can lead to production stops or the need for product recalls. Early detection and resolution of these issues not only ensure food safety but also contribute to the reduction of CO2 equivalent emissions, since less food waste translates to fewer resources expended across the entire supply chain.
Julienne Bruno (UK) – awarded €267,900
Julienne Bruno is a multi-international award-winning food brand creating naturally plant-based products with a focus on taste, quality and innovation. Their mission is to create a range of products that are loved by all, regardless of dietary preference. Following the successful launch of its products into Switzerland, the new funding will allow Julienne Bruno to accelerate entry into new markets and provide investment to ensure commercial success in these markets.
Harvest AI (Germany) - awarded €201,700
Harvest AI develops advanced AI technology for the indoor farming industry, utilizing machine learning and computer vision to deliver highly accurate crop growth and yield predictions. This enables operators to make data-driven decisions, precisely timing and optimizing harvests for market alignment and better pricing.
Applications open for 2025
The application window for funding in 2025 is now open until 26 November 2024.
Total funding of up to €250k per company is available via a revenue-based financing mechanism. EIT Food is looking for fast-moving, mature companies with an existing business case that have high potential to generate B2B/B2C sales for new or improved food innovation products or services.
“It’s incredibly exciting to announce this support to help ambitious startups bring their innovations to market. From plant-based foods to food safety, these startups are developing bold new solutions to some of the key challenges facing the agrifood sector today. And with applications open for the next round of funding, we want to hear from other companies with the potential to develop innovative, commercially viable solutions to help transform the food system.”
The Fast Track to Market Initiative follows six years of innovation funding calls from EIT Food that have resulted in a wealth of impactful initiatives and projects which are making a real difference to the agrifood industry.
Fast Track to Market is a founder-friendly instrument that provides financial support to companies in exchange for a percentage of their future expected revenues. This 'Revenue Based Financing' model has grown in popularity for SMEs that are looking to raise funds in between investment rounds, as it is significantly cheaper than equity and more accessible than bank loans.
For more information on the programme and how to apply, please visit: https://www.eitfood.eu/open-ca...
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Notes to editor:
For more information and interview enquiries, please contact FastTrackCall@eitfood.eu.
About EIT Food
EIT Food is the world’s largest and most dynamic food innovation community. We accelerate innovation to build a future-fit food system that produces healthy and sustainable food for all.
Supported by the European Institute of Innovation and Technology (EIT), a body of the European Union, we invest in projects, organisations and individuals that share our goals for a healthy and sustainable food system. We unlock innovation potential in businesses and universities and create and scale agrifood startups to bring new technologies and products to market. We equip entrepreneurs and professionals with the skills needed to transform the food system and put consumers at the heart of our work, helping build trust by reconnecting them to the origins of their food.
We are one of nine innovation communities established by the European Institute for Innovation & Technology (EIT), an independent EU body set up in 2008 to drive innovation and entrepreneurship across Europe.
Find out more at www.eitfood.eu or follow us via social media:
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