April 28, 2020

By Lynda Kiernan

San Diego-based accelerator Radicle Growth and Syngenta jointly announced the launch of The Radicle Protein Challenge by Syngenta. Through this challenge, together, Radicle and Syngenta will identify two novel protein solutions in which the companies will invest $1.25 million.

Data from UBS indicates that growth in plant-based proteins and alternative meats is expected to grow in value from $4.6 billion in 2018 to $85 billion by 2030. And in terms of volume, Lux Research projects that global protein consumption will see an CARG of 1.7 percent, reaching 943 million tons by 2054. 

Today, a full 25 percent of U.S. consumers say they eat and drink plant-based foods for a variety of reasons, ranging from dietary and health reasons, to concerns over animal welfare, climate change, and the environment.

This wave of preference for plant-based proteins by consumers, combined with a deepening knowledge about the food supply chain, has resulted in consumers not only wanting more plant-based proteins in their own diets, but also looking for certain attributes in the diet of the chickens that lay their eggs, and the livestock that are raised for consumption.

All of this rapid change – not only toward plant-based diets, but consumers also being more engaged in their food and its supply chains – has created a space ripe for investment at all points of the plant-based value chain.

Amid this landscape, Radicle and Syngenta are seeking innovators and entrepreneurs at all stages of development from around the world to apply to The Radicle Protein Challenge by Syngenta through May 29, 2020.

Once the application window closes, due diligence will be conducted for a period of several months, until between four and six finalists are identified. These finalists will participate in a Pitch Day competition to be conducted this fall, having the opportunity to present before a panel of judges, including Syngenta CEO Erik Frywald.

“Innovative protein sources are increasingly important for a growing population. We are excited to be collaborating with Radicle and entrepreneurs from around the world to accelerate innovation and I am looking forward to seeing lots of creative ideas,” said Frywald.

“Our mission at Syngenta of helping farmers to make the best use of available resources and grow the crops we need in an environmentally friendly and healthy way, includes providing them with the best products, technologies and agronomic advice.”

The first-place winner of the challenge will receive $1 million in funding, and the second-place winner will receive $250,000 to accelerate their technologies. Both will also gain a custom accelerator program from Radicle Growth and access to both Radicle Growth’s and Syngenta’s broad agricultural expertise and global agtech networks. 

“Many companies focused on this space have been hard at work with plans to launch in the near-term,” said Kirk Haney, managing partner, Radicle Growth. “Getting the product right to meet consumer demand is only half the battle, the pricing also needs to be right. We look forward to seeing the companies emerging in, and looking to grow, in this space and providing them the capital they need to overcome the challenges of growing this segment and staying ahead of consumer demands.”

– Lynda Kiernan is Editor with GAI Media and daily contributor to the GAI News and Agtech Intel platforms. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.