AccelFoods, as the organization’s name suggests, is an accelerator that works to back early-stage food and beverage startup companies. Recently, said TechCrunch, the accelerator added $15 million to its second fund, which will, in part, be used to invest in startups at more stages of development.
Lauren Jupiter, cofounding partner of AccelFoods, was quoted as saying that the accelerator’s new limited partners “are a mix of high-net-worth individuals, family offices and corporates with strategic capabilities in the food and beverage space. The idea is that through our LP base, we bring together different parties with unique interests to move innovation forward.”
AccelFoods will reportedly dole out between $250,000 to $3 million per deal, depending on a number of factors. The accelerator will reportedly back companies ranging from those that haven’t yet generated revenue to startups that rake in $10 million in annual sales, said TechCrunch.
In the past, AccelFoods has backed food and beverage startups such as Brami, which produces a protein-rich, bean-based snack food reportedly inspired by a classic Roman snack; Exo Protein Bars, which makes sustainable protein bars and supplements from insect sources like cricket; or Bandar Foods, a startup that looks to combine popular South Asian flavors and ingredients with American favorites.
Startups in AccelFoods’ portfolio often go on to launch products in Amazon Launchpad’s food store. Launchpad, rolled out in the U.S. in the summer of 2015, was designed to make it easier for startups to get their feet off the ground by tapping into Amazon’s resources and distributing products to reach Amazon’s global consumer base.