Commodities

Finistere, 3 Israeli firms to invest $100 mln in food tech

Food technologies-focused Finistere Ventures and three Israeli firms said on Monday they formed a partnership that would invest up to $100 million in agrifood startups in Israel.

JERUSALEM, May 27 (Reuters) - Food technologies-focused Finistere Ventures and three Israeli firms said on Monday they formed a partnership that would invest up to $100 million in agrifood startups in Israel.

Finistere will be joined by Tnuva, Israel's largest food company that is controlled by China's Bright Food SHMNGA.UL, beverage maker Tempo and OurCrowd, one of Israel's largest venture investors, in looking for technologies in the food sector.

The partnership was created after Israel's government established an innovation incubator focused on food tech. The group said they will bid to operate the incubator being built in Israel's north.

OurCrowd invested in plant-based meat maker Beyond Meat BYD.O, which went public this month. Finistere is backed by investors including Bayer BAYGn.DE, Ireland's Strategic Investment Fund, Nutrien NTR.TO and PepsiCo PEP.O.

(Reporting by Steven Scheer; Editing by Tova Cohen)

((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer))

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