Thai Union Group has become the latest food company to launch a venture fund.

The Thailand-based company, which owns the John West tuna brand, has put an initial amount of US$30m into the fund, which will back “innovative companies that are developing breakthrough technologies in food-tech”.

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Specifically, it will invest in alternative proteins, functional nutrition and value-chain technology.

The fund has already made its first investment, pumping an undisclosed sum into Israel-based Flying Spark, which produces larval insect protein as a “sustainable and nutritious alternative protein”.

Thiraphong Chansiri, CEO of Thai Union, said: “Over the last years, Thai Union has made significant investments to become a leader in seafood innovation and sustainability.

“As we move into the coming decade, we will increasingly cooperate with innovative start-ups in strategically interesting areas. This will complement our own activities as we are broadening our business beyond our traditional core.”

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The announcement of the venture fund follows the recent opening of Space F, Thailand’s first food-tech incubator and accelerator. Thai Union is a founding member.

Flying Spark produces 70% protein powder, said to be rich in iron, calcium, magnesium and dietary fibre and which is a source of amino acids. 

The start-up received its seed investment, and is supported by, the Israeli food-tech incubator The Kitchen Hub, established by the Strauss Group, the second-largest food producer in Israel.

Read just-food’s analysis – Big Food’s stake in the future – in-house venture capital funds