[05 June/AgFunder]

COFCO, China’s state-owned and largest food processor and manufacturer has partnered Chinese food tech venture firm Bits x Bites. The goal of the partnership is to power the development of agriculture and food tech innovation in China by opening up COFCO’s resources to Bits x Bites portfolio companies. It also aims to bring more creative start-ups and technologies into the COFCO organization. Bits x Bites invests in six to eight early-stage food tech start-ups a year to tackle systematic food system challenges in China. To date, Bits x Bites has funded Chinese and international companies advancing technology from gene editing to cellular agriculture to clean-protein pet food to smart packaging and low-GI rice. Through the partnership, Bits x Bites portfolio companies will have access to 50,000 square meters of COFCO NHRI lab space and scientific equipment across 12 R&D centres in China. They can also earn potential pilot opportunities across COFCO’s extensive supply chain covering 140 countries.