1 The EIC Accelerator Project
Understanding the EIC Accelerator Program
The EIC Accelerator is a flagship initiative of the European Innovation Council (EIC), designed to support high-potential startups and small and medium-sized enterprises (SMEs) in scaling up and bringing their innovative ideas to market. Part of the Horizon Europe framework, the program targets groundbreaking innovations with the potential to create new markets or disrupt existing ones.
Funding Opportunities: Grant and Equity
The EIC Accelerator offers a unique blend of financial support through both grants and equity investments:
- Grant Funding: Up to €2.5 million is available for innovation development costs, including experimental proof of concept, technology validation, and prototyping.
- Equity Investment: The equity component provides between €0.5 million and €15 million (until 2024) and up to €10 million starting in 2025. This support is intended for scale-up activities, such as market entry or business model optimization, and is managed through the EIC Fund.
Purpose in the European DeepTech and Startup Ecosystem
The EIC Accelerator plays a crucial role in fostering the European DeepTech and startup ecosystem by:
Facilitating Company Growth and Private Sector Engagement
The EIC Accelerator is instrumental in:
- Helping Companies Scale: It provides the necessary funding and resources for startups to scale operations, refine their technologies, and expand to international markets.
- Attracting Private Investment: By de-risking innovations through its funding, the program makes companies more attractive to private investors, facilitating further investment rounds.
Green Spot Technologies and the Fl'Our Planet Project
Green Spot Technologies, based in France, is a notable EIC Accelerator winner that exemplifies the program's impact. Their project, Fl'Our Planet, focuses on the valorization of food production side-streams into multifunctional ingredients through an innovative fermentation process.
Project Details: Fl'Our Planet
- Objective: To transform food production by-products into valuable ingredients, contributing to sustainability and waste reduction.
- Innovation: Utilizing a proprietary fermentation technology, the project aims to convert waste into high-quality, functional ingredients for the food industry.
- Impact: The project addresses global challenges of food waste and resource efficiency, offering sustainable alternatives for food manufacturers and consumers.
Technology Basics and Background
Green Spot Technologies leverages advanced fermentation processes to upcycle food waste. This method involves:
- Bioconversion: Converting organic materials into valuable compounds through microbial action.
- Sustainability: Reducing the environmental impact by minimizing waste and promoting circular economy principles.
- Multifunctionality: Producing ingredients with diverse applications, enriching nutritional profiles, and enhancing food quality.
By utilizing cutting-edge biotechnology, Green Spot Technologies not only creates economic value but also promotes environmental stewardship, aligning perfectly with the EIC Accelerator's mission to drive innovation and sustainability in Europe.
For more information, visit their website: Green Spot Technologies.
2 The Funding Rounds
Since receiving EIC Accelerator funding on October 6, 2021, Green Spot Technologies has engaged in the following funding activities:- May 18, 2023: The company completed a later-stage venture capital funding round. (pitchbook.com)
- May 23, 2024: Green Spot Technologies secured a grant. (pitchbook.com)
- Upcoming: The company is planning a Series A funding round. (pitchbook.com)
Specific details regarding the amounts raised and the identities of investors in these funding rounds are not publicly disclosed. Additionally, information about company valuations during these funding events is not available.
Green Spot Technologies is a French company specializing in producing upcycled food ingredients through fermentation processes. Their innovative approach has garnered recognition, including being listed as #85 on the 2024 FoodTech 500 by Forward Fooding. (forwardfooding.com)
3 The Press Releases
Since receiving EIC Accelerator funding on October 6, 2021, Green Spot Technologies has made significant strides in advancing sustainable food solutions. While specific press releases from the company are not readily available, several notable developments have been reported:Series A Funding: In October 2024, Green Spot Technologies secured €6 million in Series A funding. This investment aims to enhance their research and development capabilities, supporting the production of upcycled and fermented ingredients. The company operates a 2,000 m² industrial facility in Carpentras and maintains a formulation kitchen and biotech lab in Toulouse. The funding will also facilitate collaborations with research institutions and public entities in the Occitanie and Provence regions. (leadsontrees.com)
Recognition by Givaudan: In 2023, Green Spot Technologies was recognized as a runner-up in Givaudan’s Innovation Task Force Prize. This acknowledgment highlights their innovative approach to transforming food waste into valuable ingredients, aligning with Givaudan's commitment to sustainable food solutions. (foodhack.global)
Product Development: The company has developed the Ferment'Up range, which includes:
- Ferment'Up Sauce Plus: A clean-label ingredient made from fermented tomato side streams, designed to reduce recipe costs by substituting part of the tomato base.
- Ferment'Up Cocoa Alt: Powders derived from upcycled fruits, grains, or vegetables through fermentation, serving as sustainable alternatives to traditional cocoa ingredients.
- Ferment'Up Bakery: Ingredients like fermented apple, rich in high-quality fibers and low in sugar, suitable for bakery products to enhance nutritional value and color.
These products exemplify Green Spot Technologies' commitment to sustainability and innovation in the food industry. (greenspot-tech.com)
Sustainability Initiatives: Green Spot Technologies emphasizes the importance of reducing food waste and promoting a circular economy. They utilize plant-based by-products, such as fruit and vegetable pulps, skins, seeds, and legumes, transforming them into nutritious and affordable powders through fermentation. This approach aligns with the United Nations' Sustainable Development Goals by optimizing resources and providing more nutritious food with a reduced environmental impact. (greenspot-tech.com)
While specific press releases from Green Spot Technologies are not directly accessible, these developments underscore the company's ongoing efforts in sustainable food innovation and their growing recognition within the industry.
4 The Technology Advancements
Since receiving EIC Accelerator funding in October 2021, Green Spot Technologies (GST) has made notable advancements in upcycled food ingredients. In October 2024, the company secured €6 million in Series A funding to enhance its research and development capabilities, aiming to meet the demands of modern food manufacturers seeking sustainable and innovative ingredients. (leadsontrees.com)GST operates from a 2,000 m² industrial facility in Carpentras, France, and maintains a formulation kitchen and biotech lab in Toulouse. The company has expanded its team to over 19 experts in microbiology, biochemistry, food science, and process engineering. (leadsontrees.com)
While specific details on market demonstrations or customer collaborations are not available, GST's recent funding and facility expansions suggest progress toward scaling their technology. However, there is no publicly available information regarding new patents, scientific studies, clinical trials, or whitepapers published by GST since October 2021.
5 The Partnerships and Customers
Since receiving EIC Accelerator funding on October 6, 2021, Green Spot Technologies has established several significant partnerships and secured new investments to advance its mission of transforming food production side-streams into multifunctional ingredients through innovative fermentation processes.New Partnerships and Customers:
- Nature of Relationship: In May 2023, EIT Food, the world's largest food innovation community, invested €500,000 in Green Spot Technologies. (eitfood.eu)
- Purpose: This investment aims to support the commercialization of Green Spot's fermented and upcycled flours made from by-products of fruits, vegetables, and cereals.
- Market Positioning: The partnership with EIT Food enhances Green Spot's credibility and visibility within the agrifood sector, positioning the company as a leader in sustainable ingredient innovation.
- Technology Advancement and Scaling: The funding facilitates the expansion of Green Spot's industrial demonstration plant capacity to 600 tonnes per year, significantly scaling production capabilities.
- Nature of Relationship: Green Spot Technologies was recognized as a runner-up in Givaudan's Innovation Task Force Prize, highlighting potential for future collaboration. (foodhack.global)
- Purpose: The recognition underscores Green Spot's innovative approach to upcycling food waste, aligning with Givaudan's commitment to sustainable and impactful food solutions.
- Market Positioning: Association with Givaudan, a global leader in flavors and fragrances, enhances Green Spot's reputation and opens avenues for co-development of new products.
- Technology Advancement and Scaling: Potential collaboration with Givaudan could accelerate the development and market introduction of novel, sustainable food ingredients.
Additional Developments:
- Series A Funding:
- Details: In October 2024, Green Spot Technologies secured €6 million in Series A funding. (leadsontrees.com)
- Purpose: The funds are intended to expand research and development capabilities and enhance the company's ability to meet the demands of modern food manufacturers seeking sustainable and innovative ingredients.
- Market Positioning: This substantial investment positions Green Spot as a major industrial player in the sustainable food ingredient sector.
- Technology Advancement and Scaling: The capital infusion supports scaling operations and advancing fermentation technologies to produce upcycled food ingredients.
These strategic partnerships and investments have significantly bolstered Green Spot Technologies' market position, technological capabilities, and scalability, reinforcing its role as a pioneer in sustainable food ingredient innovation.
6 The Hiring and Company Growth
Since receiving EIC Accelerator funding on October 6, 2021, Green Spot Technologies has experienced notable growth and development.Current Headcount and Team Size: As of October 2024, the company boasts a team of over 19 experts with diverse backgrounds in microbiology, biochemistry, food science, process engineering, and business development. (leadsontrees.com)
Hiring Status: Specific details regarding current hiring activities are not publicly available.
Growth Metrics: The team has expanded to over 19 members, indicating significant growth since the EIC Accelerator funding. (leadsontrees.com)
Key Positions Recently Hired: While exact roles are not specified, the team comprises experts in microbiology, biochemistry, food science, process engineering, and business development. (leadsontrees.com)
Impact of New Team Members: The addition of specialized professionals has enhanced the company's research and development capabilities, enabling the production of upcycled and fermented ingredients that appeal to modern consumers. (leadsontrees.com)
Changes in Management or Founding Team: There is no publicly available information indicating major changes in the management or founding team since the EIC Accelerator funding.
In summary, Green Spot Technologies has expanded its team and operational capacity since October 2021, positioning itself as a significant player in the sustainable food ingredient sector.
7 The Media Features and Publications
Since receiving EIC Accelerator funding on October 6, 2021, Green Spot Technologies has achieved notable recognition and participated in various events.Media Features and Publications:
- Innovation Awards: Green Spot Technologies has been honored with several awards, including:
- I-Nov France AgriMer
- French Tech Agri20
- French Tech 2030
- European Innovation Council-EIC Accelerator
- "1ère usine" France 2030
- Affordable Nutrition Scale-Up Challenge by EIT Food and Blendhub
- Cartier Women's Initiative
- Finalist of Earthshot Prize 2024
- Winner of Kraft Heinz Co. Innovation Challenge
- Winner of Tetra Pak Selection Day
Podcasts and Interviews:
Specific podcasts or interviews featuring Green Spot Technologies' team members since October 6, 2021, are not readily available in the provided sources.
Conferences and Fair Participations:
Detailed information regarding Green Spot Technologies' participation in conferences, fairs, presentations, or other events since October 6, 2021, is not specified in the available sources.
Event Involvement:
While the company has been recognized with multiple awards, specific details about their involvement in events since October 6, 2021, are not provided in the current sources.
For the most current and detailed information, it is recommended to visit Green Spot Technologies' official website or contact them directly.