The ongoing COVID crisis and on-off lockdowns have definitely added extra pressure to an already stressful environment. For many, that means adding a few more snacking rituals to your daily routine and possibly a few more pounds to their waistline. This is the million-dollar (probably more) question that’s been nagging at the boot of the Foodtech industry.
Israeli Foodtech startup Torr, which develops natural and healthy food ingredients, announced that it had secured an undisclosed Seed investment from one of the biggest snacking companies in the world, Mondelēz International, which led the investment through its venture and innovation hub SnackFutures. The investment saw Strauss-Group’s The Kitchen Hub also get in on the feast.
“Our investment in Torr validates Mondelēz International’s venture approach that began almost two years’ ago with the launch of our SnackFutures model,” said Rob Hargrove, Executive Vice President of Research, Development & Quality for Mondelēz International. “Ventures and partnerships with new, innovative organizations enable us to secure future growth, and we will continue to expand our SnackFutures approach into new markets in the future.”
Torr’s proprietary technologies help produce real-tasting natural alternatives to the snacking industry, which is experiencing a demand for healthier snack solutions. The Israeli startup develops multi-textural options that resemble in taste and texture the snacks we’ve all grown to love. Among Mondelēz’ more popular brands are Chips Ahoy, Oreo, Ritz, and the airport famous Toblerone. The new technology will help advance Mondelēz’ technologies that aim to improve the quality and nutritional value of its snack offering.
“Through The Kitchen’s & SnackFutures’ investment, we have the opportunity to accelerate our technology platform and expand its application,” said Roy Naaman, CEO of Torr. “We are committed to develop innovative products that are based on simple and healthy ingredients you can see and taste for consumers around the world”
Torr was founded by a combination of foodies and food scientists, including COO Gil De Picciotto, CTO Yoel Benish, and CEO Roy Naaman, who previously worked for Mondelēz’. According to SnackFutures, its investment in Torr is the result of a previously announced collaboration between SnackFutures and The Kitchen, Israel’s first Foodtech-focused incubator.
“The Israeli FoodTech sector is one of the most dynamic and exciting innovation ecosystems in the world,” said Jonathan Berger, CEO of The Kitchen. “Through our ongoing collaboration with SnackFutures and Mondelēz International, we are able to provide unparalleled access and visibility into one of the world’s leading FoodTech ecosystems.”