Agritech and Foodtech startups are invited to take part in the “Future Food Asia Awards” (FFAA) in January 2017.
The competition, led by Singaporean investment and consulting firm ID Capital, is offering a grand prize of USD $100,000. Supported by the Economic Development Board of Singapore, it’s the first award of its kind dedicated to Agritech and Foodtech startups in the Asia-Pacific region.
The award is open to pre-Series A startups throughout Asia with at least USD $500,000 seed money and who plan to raise between USD $2 million or more in the next 18 months. Applying startups will need to have produced an innovative and sustainable technology that impacts the food ecosystem positively. There are four categories:
- streamlining supply chain process
- enhancing nutritional value
- maximizing yield
- precision agriculture
The Asia-Pacific region is home to nearly 60 percent of the world’s population, and is still powering most of this growth. As a diverse region, it faces challenges stemming from rapid urbanization, evolving lifestyles among a growing middle class, and a wide variety of climate conditions. According to ID Capital, FFAA was created to identify and fund startups with solutions for these challanges, and ultimately foster the Agritech and Foodtech ecosystem in the region.
The FFAA competition opens in January 2017 and will be judged by a panel of international finance and industry experts. The prize winner will be announced in May 2017. See the website for more details.