SkyREM Signs MoU with Millennium Food-Tech to Establish Innovation Center
We are excited to have signed a Memorandum of Understanding with Millennium Food-Tech to establish an innovation center in Philadelphia. The center will provide Millennium Food-Tech’s portfolio companies with office and storage space in addition to various logistics solutions. On a broader level, the center will be a place for additional support and services, such as attorneys and accountants, that will enable Israeli food-tech companies to enter the market in the United States. As part of the MoU, SkyREM has agreed to be the one responsible for building the food-tech innovation center on one of our sites, where it will dwell rent-free for 12 months.
What Is Millennium Food-Tech?
Millennium Food-Tech is led by CEO Chanan Schneider and is based in Israel. It is a publicly traded company that invests in and improves companies in various parts of the food-tech industry. These companies focus on personally tailored nutrition, protein alternatives, reduction of food waste and leftovers, smart packaging, artificial intelligence, and new ingredients. Its portfolio includes SavorEat, Phytolon, Tipa, Triple W, Aleph Farms, and Egg’n’Up.
The Industrial and Financial Importance of Food Tech
Food tech is rapidly becoming a significant segment of the greater food industry. CBInsights recently reported that the number of food-tech investment deals rose from 369 to 409 in the second quarter of the year 2021. Approximately 62% of that number made up a part of a seed or series A financing round, compared with 46% in the year’s first quarter. Of those deals, many have been investments in meat alternatives. The first half of 2021 saw 350% more investment in these products than throughout the entire year of 2020.
A Particularly Unique Opportunity
I have to say that SkyREM is quite eagerly awaiting to see where this agreement, in particular, takes us. It is a unique opportunity both to make great use of one of our real estate assets, which are spread out across some six million square feet around the US, and to help interesting companies make their way into the American market. We are looking forward.
