Israeli compostable flexible packaging company TIPA Corp was named to global network Forward Fooding’s Food Tech 500, a definitive list of global entrepreneurial talent at the intersection between food, technology, and sustainability in 2019. TIPA came in second place behind US agritech firm AeroFarms.
Other Israeli companies that made the top 100 include lab-grown meat company Aleph Farms in 21st place, chick embryo biotech company EggXyt in 26th place, crop sensor firm CropX in 33rd place, vegan protein firm Innovopro in 43rd place, protein ingredients firm Amai Proteins in 97th place, and sugar substitute firm DouxMatok in 100th place.
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Forward Fooding is a global network of entrepreneurs powered by entrepreneurs that provides the necessary support and velocity to enable collaborations and partnerships between established food organizations and startups.
This the first year for Forward Fooding’s FoodTech 500. The list was inspired by the annual Fortune 500 list published by Fortune magazine ranking 500 of the largest US corporations by total revenue for their respective fiscal years, the food network said on its FoodTech 500 page.
Forward Fooding said that 78.2 percent of FoodTech 500 companies are less than five years old and 56.1 percent are at pre-seed or seed-stage funding. Close to 75 percent are revenue-generating, they also noted.
“We saw a truly global response with over 1,200 applications from 54 different countries, across 8 different categories of agriFood tech. It’s time to introduce you to the world’s first FoodTech 500,” the network said.
Forward Fooding said to create the official list, data from each application was processed using the network’s FoodTech Data Navigator‘s unique algorithm. Powered by Forward Fooding, the FoodTech Data Navigator is the world’s first agrifood tech ecosystem platform. This state-of-the-art data intelligence platform has the ability to capture and monitor the evolution of interconnected agrifood tech startup companies, investors and accelerators globally.
“The FoodTech Data Navigator was an integral part of the creation of the official list of FoodTech 500 companies,” Forward Fooding said on a page explaining the methodology of creating the list.
The navigator calculated a business size score and a digital footprint score as subcategories. The sustainability score (a third subcategory) was derived from a bespoke model based on the environmental data collected from the finalists.
Each company had an overall score, aggregated by the three individual scores (business size, digital footprint, sustainability.) TIPA received an overall score of 258 out of a possible 300.
Founded in 2010 and based in Hod Hasharon, TIPA Corp offers biodegradable food packaging solutions and fully compostable flexible packaging that delivers the durability, functionality, transparency, and sealability of conventional plastic. TIPA’s films biodegrade into soil nutrients within 180 days of disposal inside a compost system.
TIPA, which just raised $25 million in September 2019 to fuel the growth of its company, was also named a Technology Pioneer by the World Economic Forum that year and received the Transformational Solution Award in the category of waste, water, and land at the 2019 Transformational Business Awards.
TIPA was classified as part of the Surplus and Waste category. There were a total of eight agrifood tech categories, including Agtech, Next Generation Food and Drinks, Smart Appliances, and others.
The company received an 82.75 out of possible 100 for its business size score, which was generated from a proprietary algorithm that predicts business growth based on financial performance indicators. It received a 96.24 digital footprint score, generated from an algorithm that predicts business growth based upon each company’s digital presence, social media performance and visibility on the web. The company also received an 80 for its sustainability score, generated by assessing a company’s manufacturing process, product, company commitment to sustainability, revenue, funding, and their self selected Sustainable Development Goal.
The highest overall score was 292 by Aero Farms, which included a 100 business size score and sustainability score. AeroFarms is a New Jersey-based developer of aeroponic systems to grow leafy greens at high yield densities in urban vertical farms. After TIPA, the top five was rounded out by New York indoor farming company Bowery Farms in third place, Croatian knowledge-based cloud farm management software firm Agrivi in fourth and French company Jimini’s which makes European insects edible.
Other Israeli companies that cracked the top 500 include Hargol FoodTech, Seakura, Equinom, Yofix Probiotics, Metabolic Insights, Better Juice, Tastewise, Yoran Imaging, FruitSpec, Beewise, Katif, SpareEat, and FreezeM.