Brinc, a Hong Kong-based accelerator and venture capital firm, has partnered with European fund Blue Horizon Ventures to invest over $3 million in global food tech startups.
Horizon Ventures will invest through Brinc’s new Scaleup Program to help early-stage firms grow throughout Southeast Asia and Greater China, according to a statement. The cross-border project is set to run between Singapore and Hong Kong.
Brinc said it chose Singapore because of its government’s support and regulatory framework and Hong Kong for its ease of access to capital and proximity to China.
The VC firm has outlined three key objectives for the new program, including helping startups expand and plug into commercial opportunities across the Asia Pacific. Brinc also plans to support startups that have recently graduated from seed-stage accelerator programs and help drive global food systems innovation through technology.
Under the program, the accelerator is going to help startups with access to food scientists, retailers, manufacturing and distribution partners, and also facilities and resources. They will also be connected to Brinc and Blue Horizon Ventures’ network of investors, commercial partners, industry experts, and mentors.
The two firms will also team up to invest a minimum of US$250,000 in seed-stage startups. This will extend capital to companies invested through Brinc’s flagship Food Tech accelerator in Hong Kong and its China Alternative Protein accelerator in Shanghai, which is backed by LeverVC.
After getting launched in 2014, Brinc has supposedly invested in more than 200 companies. Out of that number, 30 are food-tech firms working on alternative protein, cellular agriculture, and other upstream technologies.