Israel-based flavor and fragrance company Frutarom Industries Ltd. is launching a food tech innovation lab, Yoni Glickman, President of Frutarom's natural product solutions unit said in an interview with Calcalist on Sunday.
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Founded in 1933, and headquartered in Haifa, a port city in northern Israel, Frutarom is one of the largest flavors and fragrances companies in the world. The Tel Aviv-listed company employs 5,500 people at offices and production plants in dozens of countries, including the U.S., Brazil, Australia, the U.K., and India.
In the past two years, Frutarom went on an acquisition spree resulting in 22 deals, 12 of which signed in 2017. “We are interested in companies that bring new technologies and ideas to Frutarom,” Mr. Glickman said.
Frutarom will operate the lab, a part of a network of government-backed incubators operating in Israel, as part of a three-year contract. The innovation lab will host food tech companies and entrepreneurs at a pre proof-of-concept stage, Mr. Glickman said. In addition to 85% of approved research and development expenses amounting to up to NIS 1 million (approximately $279,000) provided by the Israeli Innovation Authority, Israel’s government innovation investment arm, selected projects will receive mentoring and support from Frutarom including technical, scientific and marketing support, Mr. Glickman said.
The main focus of the program will be on technology related to natural food products such as food colors, functional food, and natural pesticides, Mr. Glickman said.