Nongshim invests $7.4 mn to nurture food tech startups

South Korean food and beverage giant Nongshim Co., unveiled plans on Wednesday to pump 10 billion won ($7.4 million) into venture funds, aiming to discover and foster emerging food tech startups.

The investment will be split equally between two leading domestic startup funds managed by Stonebridge Ventures and IMM Investment.

Nongshim's strategic infusion of capital emphasizes its dedication to trailblazing startups that can redefine the food value chain, spotlighting areas such as cultured meat, smart farming, and digital transformation.

The cultured meat sector, seen as the closest alternative to conventional meat, is gaining momentum as a high-potential growth area.

With its Veggie Garden brand already in the spotlight for its plant-based meat alternatives, Nongshim envisions forging fruitful partnerships with startups specializing in cultured meat technologies.

Furthermore, Nongshim's endeavors in smart farming have yielded palpable outcomes. Initially launched as an internal startup division and subsequently evolving into a formal team, the company is aggressively targeting exports to the Middle East.

Collaborations with tech-savvy startups in this domain are anticipated to enhance Nongshim's market standing.

Write to Kyeong-Je Han at hankyung@hankyung.com