A Hong Kong-based food platform called DayDayCook has teamed up with venture capital company Brinc to invest $10 million over the next three years through the Good Food Accelerator Program.
In Greater China and Asia, the initiative intends to provide funding for 45 foodtech businesses creating products without using animals. DayDayCook received a US $500,000 pre-IPO investment from Brinc.
Applications are now being accepted for the next batch. Selected firms will get a $200,000 initial investment with the opportunity for additional funding, access to Brinc and DayDayCook’s network of late-stage investors, and other benefits.
Alternative protein, unique and functional foods, sustainable packaging, innovation in the food supply chain, and consumer agritech solutions are some of the program’s major themes.
“By sourcing innovative startups from the [Guangdong–Hong Kong–Macau] Greater Bay Area, Southeast Asia, and areas beyond, the program will make a global splash as it carries out Hong Kong’s ambition of transforming into a key innovation hub for food tech talent worldwide,” said Norma Chu, founder and CEO of DayDayCook.
DayDayCook, a lifestyle and cooking content website founded in 2012, specializes in creative and wholesome meal ideas for young food enthusiasts. The firm has about 18 million paying clients and 80 million active users worldwide. Seven firms were chosen for the first cohort of the Good Food Accelerator Program, which was started last year.
Brinc, an investment company based in Hong Kong, focuses on sustainability. With a portfolio of more than 200 firms, it runs 18 accelerator programs in seven countries.