Nongshim opens application for startup fostering program Nongshim Techup+

Nongshim, a South Korean food company, said Thursday it kicked off its annual fostering program to select and support food tech startups dubbed Nongshim Techup+.

This year’s theme is “new lifestyle in the post-COVID-19 era,” and Nongshim is looking for food tech startups that present creative products or services in areas such as non-contact business, healthcare and all other economic activities done at home, the company explained.

Nongshim said it will evaluate applicants and select four teams to provide support and guidance to for six months beginning in February.

The chosen teams will receive up to 300 million won ($264,300) in investment funds, 15 million won for business activities, work space and also the opportunity for partnership with Nongshim, the company said.

“We are waiting for, not only products and services that overcome the limits of the conventional food industry, but also various ideas and technology that can innovate the production, distribution and lifestyle,” a Nongshim official said.

Nongshim started the program in 2018 and made investment in six startup companies, including a snack delivery service company, snack for, which has grown 10 times in value since Nongshim first made an investment, the company said.

Applicants can apply to the program online until Dec. 4, the company said.

By Jo He-rim (herim@heraldcorp.com)