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October 8, 2019

Russian food group Efko launches venture capital fund

Russian food firm Efko has launched a venture capital fund to foster the development of start-ups in the foodtech sector.

By Dean Best

Russian food firm Efko has launched a venture capital fund to foster the development of start-ups in the foodtech sector both at home and abroad.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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Fuel for Growth was launched in September with an initial capitalisation of US$50m. “Apart from financing, the company offers start-ups the sectorial expertise in all chain of creation of food technologies including access to the market,” Efko, which claims to be one of the top- three enterprises in Russia’s food industry, said in a statement.

Efko added that it plans to bring in other investors, including foreign entities, in the “near future”. Fuel for Growth will focus on investing in foodtech solutions in markets in Israel, the European Union and the US, along with others.

The selection criteria for start-ups will be based on the “availability of a product prototype” and a business that has the potential for “scaling”. Fuel for Growth is seeking projects that are “able to change globally the food industry” and promote healthy lifestyles, food safety and address environmental concerns.

Efko said the geographical criteria for selection is “unlimited” and it has a number of investment targets already in sight, which are likely to be announced by the end of the year.

Its chief executive Evgeny Lyashenko said areas of particular interest include plant-based alternative products to meat and dairy, sugar substitutes, modern packaging technologies and bio-technologies.

Through its venture capital fund Efko is aiming to open up new avenues for the development of its own business, which encompasses products such as ketchup, mayonnaise and other sauces, dairy, eggs, meals, confectionery, vegetable oils and cooking ingredients.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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