According to the recent news update, Kroger Corporation Zero Hunger the Zero Waste Foundation today announced the second batch of its Innovation Fund. From a pool of more than 145 applicants, the fund selected 10 startups to receive a total of $ 2.5 million in funding to launch innovative.
New consumer products made from surplus food or food by-products and technologies to advance the recycled food industry. Dennis Osterhose, President of the Kroger Corporation, said Zero Hunger Zero Waste Foundation. “The Innovation Fund is designed to support game-changing ideas to build a more efficient and sustainable future food system for people and our planet.
The epidemic and its continuing impacts are a constant reminder that our country cannot afford to waste food surplus anymore.”
Furthermore, the Foundation in collaboration with Village Capital, the largest supporter of impact and early-stage startups in the world. Fund Advisory Committee. Carefully reviewed and selected 10 startups to be part of the second group. Each of the ten selected startups will receive $ 100,000 in seed grants up front, with a total initial investment of $ 1 million. As part of the fund development program, startups will participate in a virtual workshop focusing on investment preparedness, technology development and networking with a community of investors and mentors in and around the food system. The innovators will have exclusive access to the Foundation, leaders and partners of Village Capital, as well as the option to apply for subsequent funding.
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After achieving the program milestones, all group members will be eligible for an additional $ 100,000 grant from the fund to support their growth. At the end of the six-month development period, two startups will be selected by their peers for a chance to secure an additional $ 250,000 in funding. The strength of this group is its diversity. The Foundation and Village Capital focus relentlessly on supporting founders with live experience in the problems they solve. 80% of the startups in the program have a participating foundation or foundation, 60% have a black, Asian, and / or Latino founder and 60% are based outside of California, Massachusetts, and New York. Now, what are your views on this news? Are you taking part? Let us know in the comment section below!