Innovative Food Tech Start-up Kern Tec Raises €12M in Series A Funding
Unlocking the Potential of Fruit Seeds
Founded in 2019, Kern Tec is a food tech start-up that aims to transform the food industry by turning fruit seeds into nutritious food ingredients. The founders, Michael Beitl, Luca Fichtinger, Sebastian Jeschko, and Fabian Wagesreither, set out on a mission to extract valuable oils and proteins from previously discarded fruit seeds. These nutritious elements are then combined with other ingredients to create sustainable and cost-effective alternatives to dairy products, including plant-based milk, yogurt, and cheese.
Record-Breaking Series A Funding
Recently, Kern Tec wrapped up a successful Series A funding round, raising €12 million. This achievement is particularly noteworthy given the founders’ earlier appearance on the TV show “2 Minutes 2 Million”, where they faced criticism for their proposed company valuation of €20 million. The successful funding round serves as a testament to the start-up’s potential and the founders’ unwavering belief in their mission.
The funding round was led by Telos Impact, with contributions from the PeakBridge Growth 2 Fund and the European Innovation Council (EIC) Fund. In addition to equity financing, Kern Tec has also received substantial regional and international grants, further boosting their financial position.
Future Plans for Expansion and Growth
With the newly acquired funding, Kern Tec is planning to accelerate its growth and launch across Europe. Jeschko, one of the co-founders, underscored the importance of this growth financing in actively seeking more talented individuals to join their mission of sustainably changing the food industry.
Additionally, Kern Tec plans to distribute more products under its own brand, “Wunderkern,” in Austrian retail stores. The company is confident about the future, having already secured million-dollar orders for its innovative ingredients for the coming years.
Transforming the Food Industry
The investment strengthens Kern Tec’s global expansion capabilities, enabling them to bring more products to market derived from valuable fruit kernels. This not only contributes to reducing food waste but also promotes the growth of the plant-based milk industry.
Erich Sieber, Co-Founder & General Partner at PeakBridge, praised Kern Tec’s role in transforming the food industry towards healthier and more sustainable products. Kern Tec’s innovative approach to utilizing fruit seeds reflects the growing trend in the food industry towards sustainability and waste reduction.
Reflections on Past Criticism
Despite the initial criticism faced on “2 Minutes 2 Million”, the founders of Kern Tec believe that they were on the right track. They argue that they presented impressive figures, increasing revenues, and million-dollar preliminary contracts with international interested parties. The new funding round now confirms the founders’ belief that they were on the right path, and the start-up’s success serves as an inspiration for other innovative companies in the food tech space.
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