New Accelerator VC to Shake Up China’s Food System.
Bits x Bites, a new accelerator venture capital fund in China, has launched the country’s first accelerator program for food tech startups tackling food system challenges. By investing across the value chain from seed to table, it seeks to foster an ecosystem of purpose-and-profit companies to create a more sustainable food future.
The program is based in Shanghai, with the first cohort starting in February, 2017.
Bits x Bites is a big step forward to bring the good food innovation movement to China, with its focus to give food tech startups the capital, community, and coaching needed to thrive and achieve rapid growth. The program also seeks to challenge China’s entrepreneurs to offer new ideas for global food system issues.
“There is tremendous worldwide momentum to solve the pressing food system problems, from food security and safety to the environmental impact of food production. In this global mission that will take many different forms of solutions and collaboration, we believe food tech startups in China can play a big role and bring disruptive solutions,” says Matilda Ho, Bits x Bites founder who is a serial food entrepreneur and former business designer and consultant with IDEO and The Boston Consulting Group.
“The program offers a wonderful opportunity for startups to get immersed in the most important aspects in building a successful food business,” continues Ho.
Bits x Bites has identified four key investment areas: agriculture, food production, distribution and retail, as well as learning and sharing. It has engaged an expert community that lends deep industry access across the supply chain as well as business and domain expertise. Amongst its advisors and mentors are leaders from design innovation consultancy IDEO and Italy’s food ecosystem hub Future Food Institute, as well as a rich roster of startup founders, product designers, and engineers. Over its 120-day program, startups are coached towards product-market fit, using design thinking and lean startup methodologies to build companies from zero to one.
For more information about Bits x Bites, visit http://bitsxbites.com/
ABOUT BITS X BITES
Bits x Bites is China’s first food-centric accelerator and venture capital fund that invests in startups to shape the future of good food. It invests across the full supply chain, from agriculture and production to distribution and retail to learning and sharing. Over 120 days, Bits x Bites offers community, coaching, and capital to help startups build a sustainable purpose-and-profit business to tackle global food system challenges. Startups learn the essential skills to achieve product-market fit, refine business ideas, and bring world-class execution.