New Opportunity for Sustainability in the Food Industry—Mylkcubator: More than Mylk

• Mylkcubator’s third edition accelerates cutting-edge startups focused on revolutionizing the food industry, spanning Alternative Dairy, Alt. Egg, Coffee, Lipids, Cocoa, Sodium & Sweetener Replacements, and Functional Ingredients.

• The Mylkcubator ecosystem has generated a total value of over $107M. The selected startups have raised a total of $14.4M in investment since inception, reflecting the success of the program.

• Pascual Innoventures currently invested $1.6M in four international startups: Novo Dairy, Zero Cow Factory, Ergo BioScience, and Maolac.

Madrid, 20 September 2023 - In a constantly changing world with pressing environmental concerns, the food industry is facing numerous challenges. The need to adopt more sustainable and environmentally friendly practices is undeniable. In this context, Pascual Innoventures, the Corporate Venture unit of the leading Spanish manufacturer of dairy products and beverages, Pascual, is proud to announce, in collaboration with the leading Foodtech accelerator Eatable Adventures, the launch of Mylkcubator: More Than Mylk. Mylkcubator is the first global program dedicated to advancing cellular agriculture technologies and fermentation techniques in the alternative food industry.

After two successful editions of the program, which accelerated the most disruptive startups in the global dairy sector, the company has decided to pursue an ambitious approach for this third edition. This involves expanding the scope of the program to explore new technologies related to Pascual’s strategic business areas and creating a more significant impact within the alternative food industry sector.

Mylkcubator: More than Mylk not only focuses on disruptive technologies for the generation of biosynthetic dairy products but also explores new technologies with an impact on tangential areas for Pascual such as Alt. Egg, Alt. Coffee, Alt. Lipids, Alt. Cocoa, Sodium & Sweetener Replacements, and Functional Ingredients.

A journey of success up to this point, creating a $107 million ecosystem

The program’s first cohort was successfully launched in 2021, followed by the second edition in 2022, which featured the selection of startups Miruku, Maolac, Ergo Bioscience, and PFx Biotech. These selected startups have since emerged as international leaders in their respective segments, attracting interest from investors worldwide and establishing successful collaborations with Pascual Innoventures. Pascual Innoventures has invested $1.6 million in four international startups to develop the milk of the future: Novo Dairy, Zero Cow Factory, Ergo BioScience, and Maolac. All four were participants in the first and second editions of Mylkcubator.

The Mylkcubator startup ecosystem (first and second cohorts) has generated a total value of over $107M. Mylkcubator startups have raised a total of $14.4M in investment since inception, reflecting the success of this incubation programme.

In the words of Gabriel Pascual, Director of Pascual Innoventures “The growth of investment in this sector has already surpassed five billion euros, according to Dealroom data. Additionally, Mylkcubator’s startup ecosystem from the first and second editions has generated a total value of over 100 million euros. The participating startups have raised over 12 million euros in investment since their inception, reflecting the success of this incubation program”

On the other hand, José Luis Cabañero, Founder and CEO of Eatable Adventures, remarked “In 2020, when we first conceived this project, the landscape was vastly different with only a handful of startups operating in this space. Despite limited investment traction, we sensed the growth potential in the alternative dairy ecosystem. This inspired Mylkcubator’s creation, and today, two years later, we’ve witnessed our predictions materialize in a more mature market, with some of the emerging players being startups from our program and a large interest from investors worldwide. We’re thrilled to partner once again with Pascual Innoventures for this new ambitious version, taking the technological revolution in alternative food to the next level.”

The call officially opens today, and interested startups can submit their applications by applying on the program’s website at www.mylkcubator.com

About Eatable Adventures

Eatable Adventures is one of the leading food technology accelerators, identifying and supporting the most innovative and disruptive food startups in the world, helping with their growth in the global market. Intending to act on the food front and promote the adoption of more sustainable and efficient business models, under the banner of more intelligent use of technology, Eatable Adventures has more than 40 corporate programs annually, a community of more than 25,000 founders, and a deal flow of 3,000 foodtech projects analyzed in 2022. Promoting synergy between innovation, ethics, and sustainability, the company works to promote, develop, and democratize technologies in the agrifood sector, to build tomorrow’s food system: sustainable, efficient, healthy, and ensuring food security on a global scale.