'Food Tech' First Investment Briefing... 7 Companies Participating Including Food Smart Distribution
by Ju Sangdon
Published 18 Apr.2023 11:00(KST)
Ministry of Agriculture, Food and Rural Affairs to Establish 100 Billion KRW Food Tech Dedicated Fund by 2027
Investment Roadshow in May and Investment Information Platform to be Built by September
Foodtech companies that apply artificial intelligence (AI), the Internet of Things (IoT), and biotechnology (BT) to manage food production and processing are making their debut in the investment market.
The Ministry of Agriculture, Food and Rural Affairs announced on the 18th that it will hold a Foodtech Investment Roadshow (IR) for foodtech companies at the headquarters of the Agricultural Policy Insurance and Finance Service on the 19th. Seven foodtech companies specializing in smart food distribution and manufacturing, ready meals, and more, which received prior investment attraction consulting, will participate in the IR.
Participating companies will present their business plans for about 10 minutes to the operators of the Agri-Food Mother Fund, followed by a 7-minute Q&A session with the operators. After the investment briefing, the participating companies and operators will also exchange information necessary for investment through one-on-one consultations.
The Ministry plans to hold a Foodtech Investment Roadshow in May, focusing on business plan presentations, product demonstrations, and investor matching for foodtech companies. By September, it aims to establish a foodtech investment information platform to provide to investors.
The Ministry of Agriculture, Food and Rural Affairs plans to create a dedicated foodtech fund worth 100 billion KRW starting this year, expanding to 1 trillion KRW by 2027. An investment association will be formed in July to begin investing in foodtech companies.
Yang Ju-pil, Director of Food Industry Policy at the Ministry, said, "One of the biggest challenges for many young startups entering the foodtech industry has been attracting investment funds. The Ministry will actively nurture foodtech companies with innovative technologies by creating a dedicated foodtech fund and linking it with various policy funds."
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