ISRAEL– American multinational food, beverage and snack company Mondelez International has invested an undisclosed sum in Israeli company Torr FoodTech.
The investment in the Israeli food tech was made via SnackFutures, Mondelēz International’s innovation and venture programme.
Torr’s seed financing push was also supported by The Kitchen Hub, a food tech-focused incubator founded in 2015 by the Strauss-Group.
Torr produces snacks that claim to offer a unique and much healthier bite. Its proprietary technology brings together simple ingredients to offer what Mondelēz describes as ‘multi-textural, sensorial experiences’.
SnackFutures seeks to accelerate innovation through the creation of new brands and businesses, as well as through venture investments in start-ups.
The program has a goal of contributing $100 million to Mondelēz’s revenue growth by 2022, and kicked off its investments in March with an initial stake in prebiotic food company Uplift.
SnackFutures later invested in snack brand Hu that offers range of minimally processed snack foods – including grain-free crackers, tea and coffee, dark chocolate and chocolate-covered pieces – under the tagline “get back to human”.
“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 VP of research, development & quality for Mondelēz International.
“Ventures and partnerships with new, innovative organisations enable us to secure future growth, and we will continue to expand our SnackFutures approach into new markets in the future.”
Mondelēz says that its investment in Torr is the result of a previously announced partnership between SnackFutures and The Kitchen, which is a participant in an incubators program of Israel Innovation Authority.
The Kitchen addresses global food challenges by harnessing Israel’s renowned innovation eco-system and is Israel’s first FoodTech incubator with 18 companies in portfolio and is considered a “Companies Builder”.
Roy Naaman, CEO of Torr, on his part said: “Through the Kitchen’s and SnackFutures’ investment, we have the opportunity to accelerate our technology platform and expand its application.
“We are committed to developing innovative products that are based on simple and healthy ingredients you can see and taste for consumers around the world.”
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