Global food and beverage company PepsiCo revealed an initiative to support ten companies in the Middle East and North Africa. The program aims to promote emerging technologies and services that can reduce, reuse, treat and recycle food and beverage packaging, as part of the global company's efforts to achieve the principle of sustainability.
Aamer Sheikh, CEO PepsiCo Middle East, remarked that the Greenhouse Accelerator Program relies on the leadership of mentors who help entrepreneurs in the field of food and beverages achieve growth through cooperation and nurturing innovation.
Sheikh noted that the program was launched in Europe in 2017, pointing out that five successful versions have been submitted so far, supporting 48 emerging brands around the world that have achieved growth of more than $20 million in total consolidated sales.
The program was launched in partnership with the UAE Ministry of Climate Change and Environment and formalized following the signing of an MoU between three parties – the UAE Ministry of Climate Change and Environment, the Food Tech Valley, and PepsiCo.
The 10 selected companies will each receive an initial grant of USD 20,000 to support their business, along with guided mentorship from PepsiCo and Food Tech Valley experts.
At the end of the program, the final winner will receive a USD 100,000 grant from PepsiCo and have access to a growing network of influential experts and investors, logistics facilities, and have the opportunity for growth through capacity building.
“A specially curated selection committee comprising high-ranking PepsiCo executives and members from the UAE Ministry of Climate Change and Environment and Food Tech Valleys searched for start-ups that promote environmental sustainability in the food industry,” Sheikh told Asharq Al-Awsat.
The ten companies selected included Nadira, which employs technology to encourage waste sorting at the source, and Cycled Technologies, which offers a smart bin that sorts recyclables from public waste at its disposal.