Growing Food CPH participants granted more than 6.5 mio. DKK in fundingOctober 08, 2018
Soft funding amounts to millions DKK granted to this year’s participating startups in Growing Food CPH. - An indication of a promising future for food and foodtech business.
Funding is fundamental in the development of a startup, but it is easy to get lost in the funding jungle in Denmark and the EU when you are a new businesses. Therefore, it is an essential part of the Growing Food programme to provide fundraising guidance for the participating food startups.
We are proud to announce that six out of 11 active businesses with funding potential that took part in Growing Food have been granted funding. – A success according to CAPNOVA’s Business Developer Søren Mayland, one of the fundraising advisors providing assistance for the startups in the programme.
“50 percent of the startup businesses in Growing Food have been granted funds which is impressive considering that the success rate normally lies at a maximum of 30 percent. And the key to this success is a combination of solid, innovative business models combined with spot-on applications to the right funds,” says Mayland.
He adds that several of the startups, that didn’t get funding, still managed to go all the way to pitch which in itself is impressive.
“The funding results among our participants are definitely an indication that the food and foodtech market is booming and that the future of the business in Denmark is promising,” concludes Mayland.
The funds granted to the Growing Food startups are:
- Venture Cup
- Innobooster (2)
- Future Food Innovation
- Copenhagen Food Innovation (2)
- The Novo Nordisk Foundation
The startups that have been granted funding are:
- Circular Food Technology
- Femø Cider
The exact total amount granted for the six startups is 6,692,000 DKK. The lowest amount received is approx. 100,000 DKK and the highest is well over 1 million DKK. Several other startups in the programme are presently applying for more grants.
Facts on funding:
The 6.5 million DKK in funding is the total project budget for the startups. Several of the funds granted require co-financing, usually in the form of applied hours from the startup members themselves. The Growing Food CPH programme offers workshops on funds and capital - soft money and hard money - as well as individual advice and sparring on these topics. All provided by Business Developers and Investment Managers from CAPNOVA.
Application for next year’s programme is 22 October 2018. Read more here.
(photo from Bite 2018, photo by Lars Svankjær)