Wecook-Wadiz Join Hands to Support Food Startups

Activating the F&B Startup Ecosystem for Foodmakers

[Asia Economy Reporter Kim Cheol-hyun] A shared kitchen and a crowdfunding platform have joined forces to revitalize the food startup ecosystem. On the 30th, Wecook announced that it signed a Memorandum of Understanding (MOU) with Wadiz. Amid the rapidly changing market in the post-COVID-19 era, this partnership aims to assist food makers (food and dining entrepreneurs) who want to start and expand their businesses. Both companies will jointly support the entire process from business planning to production, funding, distribution, and marketing for promising food startups.

The shared kitchen Wecook has served as a base camp for food makers by supporting their business planning, production, and shipping processes. This MOU is significant because, in addition to Wecook’s capabilities, it leverages the funding consulting expertise of the crowdfunding platform Wadiz to actively support food startups’ market entry.

The MOU consists of two main components. One is to provide mutual benefits for food makers using both companies’ infrastructure and services. Wecook will offer discounts on shared kitchen usage fees, incubation, and distribution connections, while Wadiz will provide discounts on funding fees and professional consulting for successful funding. The other is the 'Joint Incubation Program Launch,' which combines the core competencies of each platform to form a single accelerating team.

Wecook and Wadiz have already successfully conducted a joint acceleration program once. In August last year, they recruited food makers together; eight teams conducted funding campaigns, all of which successfully exceeded their targets. Kim Ki-woong, CEO of Wecook, emphasized, "COVID-19 accelerated the major trend of the food business ecosystem, which was offline-centered, moving online and expanding," adding, "The MOU with Wadiz means that two platforms optimized for these market changes have joined forces."

This content was produced with the assistance of AI translation services.