From a DNA bio-barcode to a novel oleogel technology and upcycled cashew apples, the trailblazing winners of the 2024 Fi Europe Startup Challenge highlight the innovation in the B2B ingredient space.
A total of 20 startups across four categories took part in the 2024 Startup Innovation Challenge, pitching before judges on Monday 18 November and then in front of the Fi Europe audience at the Innovation Hub on 19 November – but there could only be five winners.
The winners are:
Perfat Technologies
Perfat has developed a fat solution based on advanced oleogel technologies to supply food producers with solid fats that are both healthy and functional.
The Finnish startup says its lipid-technology gives healthy liquid oils the solid structure and versatility of conventional solid fats using techniques based on material physics, not chemistry.
Semi-solid and solid fats are favoured by food manufacturers thanks to their ease of use compared to liquids. Palm oil is commonly used but has high levels of saturated fats. Perfat Technologies’ ingredient, which on its own scores a B on the NutriScore nutrition label, has around 80% less fat than palm oil and contains 30% dietary fibre.
Asked what it meant to have won first prize, CEO and co-founder Jyrki Lee-Korhonen said: “It’s a great thing for us to get more visibility […] you get to present to a really important crowd here. Hopefully there are people in the audience who think our ingredient will be relevant for them and that will help us in our scaling and commercialisation.”
Fabumin
Fabumin makes aquafaba, a plant-based ingredient that can effectively replace eggs in various food applications. Its Fabumin powder excels in binding, emulsifying, and foaming and often surpasses the performance of traditional eggs.
According to the Israeli startup, its technology can be installed directly in pulse processing factories and offers a circular economy solution that reduces water waste and provides a new revenue stream for the pulse and legume industry.
Adi Yehezkeli, CEO and co-founder, said it was a great privilege to be among such great ideas and inventors. “When I saw their pitches today [at the Startup winner ceremony], I was overwhelmed from the creativity and the desire and the ability to change the world. To be considered as one of them is quite amazing.”
Already on the first day of Fi Europe, Yahezkeli said he was reaping the benefits of attending the show. “Everybody is here – all the stakeholders, manufacturers, and creators. I'm getting such great attention and traction here because I met so many people that we can do business with. And this is what Fi Europe is for me: oceans of opportunities.”
Yeastime
Yeastime has developed a retrofitting ultrasound technology, which accelerates the fermentation process of yeast by up to 30% through a process of mechanical stimulation. It boosts the efficiency of fermentation and reduces energy consumption.
The patented and automated process acts directly on the yeast and creates cost savings for manufacturers as well as being better for the environment, says the Italian startup.
“…receiving such an award from such an international environment and international event really means a lot on the work that we have done during the this year,” said CEO and cofounder Pierfrancesco Mazzolini.
“[Fi Europe] is amazing: lots of companies from small to big in the space, so, I really, really recommend [taking part in the Startup Challenge],” he added.
Natural Trace
Natural Trace has developed a DNA-based “bio barcode”, which directly tags products for seamless traceability. This natural, non-GMO tag is tasteless and invisible, and does not impart any flavour or odour to the product.
Natural Tag consists of natural, food-grade, and patented DNA. It is added as powder or liquid in minimal amounts to products and ingredients, and offers brands a tamper-proof method of authenticating the origin of their products, the company says.
The startup also offers a digital surveillance platform that captures results and product insights from the tag, allowing manufacturers to make informed decisions about their products.
Dr Julia Lee Xiaoyun, chief commercial officer at the company, said: “Winning first prize is really a validation not just of our efforts but also the issue out there that needs to be solved. In this case, it’s about trust in the supply chain, it’s about traceability and transparency.
Asked whether she recommended the Challenge to other startups, Xiaoyun told us: “Fi Europe is really a huge event and it is the event you need to go to! I flew halfway across the globe for this so I definitely do recommend that startups come!”
Akoua
From a botanical point of view, cashews are not nuts but the kernels of the cashew tree fruit, also known as cashew apple. The cashew apple has a sweet flavour and a vitamin C content that is five times greater than that of an orange. Despite these positive nutritional and sensory properties, however, today most of the cashew apple biomass goes to waste. For every kilo of cashew nuts, 10 kilos of cashew apples are discarded. Akoua upcycles this, producing cashew fruit juice and concentrate as a sustainable ingredient solution made from the previously unused cashew apples.
By locally processing of cashew apples in Benin, Akoua also contributes to generating jobs and sustainably supports the local economy.
Upon winning the Jury’s Choice Award for Most Innovative Sustainable Solution, Akoua founder Simon Debade told us: “It's a great pleasure for me to be a winner. […] It's a great experience to be here today.”
