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Food technology

It’s “another important step towards turning Israel into a superpower in the food technology sector,” said Minister of Economy and Industry Eli Cohen.

By United With Israel Staff

After an eight-month competitive process, a selection team on behalf of the Israel Innovation Authority has chosen “Sparks Foodtech Food Technologies” to set up a new FoodTech incubator in the Safed (Tsfat) District, according to a statement released on Tuesday.

“Sparks received an eight-year license to assist entrepreneurs and invest in new startup companies,” said the statement, put out by the authority.

“A tender to establish a joint FoodTech campus in [the city of] Kiryat Shmona, which will include a micro-industry site, research institute for food innovation and innovation communities, will be published soon, ” it said.

Sparks FoodTech is owned by the Israeli food and beverage corporations Tnuva and Tempo.

Investment funds OurCrowd and Finistere have also been awarded roles in establishing and operating the food technology incubator, said the statement, noting that the Innovation Authority will be providing an 85% grant to each startup company up to a maximum of some NIS 6 million for a period of three years.

“The establishment of a technological incubator in the northern region is another important step towards turning Israel into a superpower in the food technology sector,” said Minister of Economy and Industry Eli Cohen.

“Together with the establishment of the FoodTech campus in Kiryat Shmona, the unique technology incubator marks a significant milestone and an important message for the Eastern Galilee region, as it will create significant economic value for the entire region and draw many investments as well as industry and human capital,” said the cabinet minister.