Application for the Foodtech Programme has been opened for Foodtech startups in South Africa. SA Innovation Summit and Anza Capital launched the program to support Foodtech entrepreneurs.
The Foodtech Programme, according to a press release, aims to identify and aid startups and small businesses that are multiplying and are creating solutions for the food value chain. The program will provide a platform for a seed fund to series A startups changing the South African food value chain to gain attention, scale, and succeed as businesses while preserving a sustainable food supply for communities.
According to a statement, the nominated firms will have the chance to win up to $400k in funding. Startups will further partake in the SA Innovation Summit in Cape Town from September 27 to September 29 and present at the WIE Innovation Awards in Davos, Switzerland, in 2023.
Buntu Majaja, CEO of the SA Innovation Summit, said the platform would link African entrepreneurs to the resources they need to create the continent.
“The SA Innovation Summit believes that African entrepreneurs build the continent and, as an innovation platform. We exist to connect them to resources that support them to achieve this. Our proud partnership with Anza Capital [seeks] to address one of the biggest questions for the Africa rising narrative. Which is: How can it be that a meal at an inexpensive restaurant in Zambia costs seven times more than the same in the United Kingdom when accounting for GDP per capita? We believe that talented and innovative foodtech startups will contribute to raising accessibility for food security,” Buntu said.
Food crises and The SA Innovation Summit
The cost of essential foods like cereal and sunflower oil has soared, adding to the global increase in inflation. This occurs as worries about food scarcity and security grow. Van-Lee Gunyere, head of investments at Anza Capital, noted that the summit intends to give Foodtech innovative entrepreneurial businesses access to growth capital that can help them take off.
According to agfunder.com, although less than 2% of the world’s Agri-food tech investment will be made in Africa, where over 20% of the world’s population resides, there will be unrealized potential due to a lack of early-stage seed funding.
Last month, Kenyan Agritech startup Kune shut down operations. The founder noted that issues like rising food costs were responsible for this. ICYMI, Russia and Ukraine are often referred to as the world’s breadbasket. This is because the countries are significant players in the export of wheat and sunflower to Africa.
The World Bank has reported that the current global food crisis worsened food insecurity, elevated pain, and human suffering. Although countries may seem to be faring well economically, food-tech startups have been feeling the food pressure. Thus, the SA Innovation Summit allows helping startups to scale through the food crises and provide food solutions to users.