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.
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,” said 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.
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.
The program is based in Shanghai, with the first cohort starting in February, 2017.