Global venture capital fund SOSV’s Food-X accelerator selected Fieldcraft for its 11th cohort.
Food-X is the original and most active food innovation accelerator in the world. Food-X reviewed 500 global applicants from 56 countries and selected eight startups from seven countries. The companies are directly tackling challenges coronavirus poses to the current food system.
Fieldcraft is the ingredient marketplace for food and beverage production. The platform simplifies sourcing and connects buyers and suppliers at every stage of the value chain from grower to processor, manufacturer to brand. The team is building a virtual sourcing experience that is more efficient and transparent, and their aim is to make it easier to create partnerships that leverage biodiversity and foster innovation.
The right time and the right place
An article in Food Navigator stated that before COVID-19, several of the companies in the cohort might have been considered slightly before their time, but now they have solutions that could immediately be adapted to address the strain the pandemic has placed on the food system.
Fieldcraft was already in the process of “displacing these big expensive trade shows that a lot of people can’t afford or don’t think are worth the bang for the buck,” Food-X managing director and partner Peter Bodenheimer said. He added that the cancellations and postponements of many tradeshows due to COVID-19 has accelerated the need for Fieldcraft’s model.
“This creates a great opportunity for them because the value they bring is being demonstrated now, whereas before people who were regulars at trade shows” couldn’t imagine trying a different way of connecting with clients, he explained.
Fieldcraft is also trying to solve the problem of buyer access to suppliers. “Online searches are incomplete and inefficient,” said Fieldcraft CEO Michael Chapman.” In fact, 54% of suppliers on Fieldcraft have low or no online presence outside of Fieldcraft.”
Buyers and suppliers can start their search here.