PepsiCo has rolled out its Greenhouse accelerator programme in its APAC region – the fourth in which the food and beverage giant has launched the initiative.
The scheme – which made its debut in Europe in 2017 before expanding to North America a year later – looks to support entrepreneurs whose products promote sustainability and the circular economy.
The Greenhouse accelerator will give ten successful applicants US$20,000 and access to a business development programme to help accelerate the growth of their venture.
Successful start-ups will have access to PepsiCo executives to assist with areas including corporate structuring and fundraising, as well as product development, supply chain management and customer acquisition throughout the programme.
At the end of the four-month scheme, one business will receive an additional $100,000 in funding to continue expansion, as well as the chance to collaborate further with PepsiCo in the future.
Applications open today (20 March) and will close on 1 May.
To apply, eligible start-ups must have pre-revenue up to $2m in sales in the last financial year and operations in one of the 22 participating APAC region markets, which include China, Singapore, Australia, New Zealand, Philippines, Malaysia and Vietnam.
PepsiCo said its Greenhouse programme has helped 58 start-up brands deliver an estimated combined sales growth of over $8m since the initiative started in 2017. The accelerator forms part of the company’s commitment to its Pep+ initiative – a wider business transformation programme with environmental sustainability as its mission statement.
Through Pep+, PepsiCo is aiming to make its plastic packaging from 50% of recycled materials and halve its use of virgin plastic by 2030.
“As a company, PepsiCo is committed to Pep+, its end-to-end transformative strategy to drive positive change and create a more sustainable future for all, and this programme is a key part of that mission,” Wern-Yuen Tan, the CEO of PepsiCo’s operations in the APAC region, said.
Earlier this month, PepsiCo confirmed details of two new projects it is funding to replenish water sources in North America. The projects will be funded by PepsiCo’s two North American subsidiaries – PepsiCo Beverages North America (PBNA) and Frito-Lay North America (FLNA) – to the tune of US$3.3m.
The Gatorade brand owner said the projects would aid its ambition of becoming “net water positive” by 2030.