Mondelēz International SnackFutures Makes Seed Investment in Israeli Startup Torr alongside Foodtech-focused Incubator The K...
November 10 2020 - 8:00AM
SnackFutures, Mondelēz International’s (NASDAQ:MDLZ) innovation and
venture hub dedicated to unlocking emerging snacking opportunities
around the world, today announced it has made a seed investment in
Torr, an early stage Israeli Foodtech Company, alongside Foodtech
incubator The Kitchen Hub powered by Strauss-Group. Torr’s
proprietary technology, brings real, simple ingredients together to
offer multi-textural, sensorial experiences. Terms of the
investment were not disclosed.
“Our investment in Torr validates Mondelēz International’s
venture approach that began almost two years’ ago with the launch
of our SnackFutures model,” said Rob Hargrove, Executive Vice
President of Research, Development & Quality for Mondelēz
International. “Ventures and partnerships with new, innovative
organizations enable us to secure future growth, and we will
continue to expand our SnackFutures approach into new markets in
the future.”
Torr was founded by leading food scientists and culinary experts
Gil De Picciotto and Yoel Benesh, and Roy Naaman, who serves as the
company’s CEO.
“Through The Kitchen’s & SnackFutures’ investment, we have
the opportunity to accelerate our technology platform and expand
its application,” said Roy Naaman, CEO of Torr. “We are committed
to develop innovative products that are based on simple and healthy
ingredients you can see and taste for consumers around the
world”
SnackFutures’ investment in Torr is the result of a previously
announced collaboration between SnackFutures and The Kitchen,
Israel’s first Foodtech-focused incubator.
“The Israeli FoodTech sector is one of the most dynamic and
exciting innovation ecosystems in the world,” said Jonathan Berger,
CEO of The Kitchen. “Through our ongoing collaboration with
SnackFutures and Mondelēz International, we are able to provide
unparalleled access and visibility into one of the world’s leading
FoodTech ecosystems.”
SnackFutures is a key pillar of Mondelēz International’s
consumer-centric growth strategy: It seeks to accelerate innovation
through the invention of new brands and businesses, as well as and
venture investments with start-up entrepreneurs. SnackFutures seeks
to collaborate in key strategic areas of well-being snacks and
related capabilities, as well as digital platforms and
capabilities.About Mondelēz International
Mondelēz International, Inc. (NASDAQ: MDLZ) empowers people to
snack right in over 150 countries around the world. With 2019 net
revenues of approximately $26 billion, MDLZ is leading the future
of snacking with iconic global and local brands such as OREO,
belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone
chocolate; Sour Patch Kids candy and Trident gum. Mondelēz
International is a proud member of the Standard and Poor’s 500,
Nasdaq 100 and Dow Jones Sustainability Index. Visit
www.mondelezinternational.com or follow the company on Twitter at
www.twitter.com/MDLZAbout
Torr
Torr FoodTech was founded by leading food scientists and
culinary experts Gil De Picciotto and Yoel Benesh, and Roy Naaman,
who serves as the company’s CEO. Torr’s proprietary technology,
brings real, simple ingredients together to offer multi-textural,
sensorial experiences.
Visit www.torrfoodtech.com.About The Kitchen
Hub
Founded in 2015 as a part of the incubators program of Israel
Innovation Authority, and owned by Strauss Group, The Kitchen is
Israel's first FoodTech incubator with 18 companies in portfolio
and is considered a "Companies Builder". The Kitchen addresses
global food challenges by harnessing Israel’s renowned innovation
eco-system. Some examples of their areas of interest are:
Alternative Proteins, Cellular Agriculture, Healthy Eating, Sugar
Reduction, Food Safety and Traceability Industry 4.0. Discover more
at www.thekitchenhub.com.
Contact: |
Tom Armitage (Media)+1 847 943 5678news@mdlz.com |
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