Korean accelerator Future Play will jointly host ‘Samsung Welstory Tech Up Plus‘ with Samsung Welstory, a global food and beverage company. The program aims to discover promising startups that can create strategic synergies with Samsung Welstory, such as food tech, logistics/distribution, and ESG.
Samsung Welstory Techup Plus is an open innovation program in which conglomerates and venture capital (accelerators) jointly discover, invest in, nurture, and support startups. The selection criteria for startups for the program is an early startup belonging to the series A stage from seed.
The selected startups first receive accelerating courses such as mentoring and IP development for about five months. After completing the accelerating courses, they are evaluated for technological competitiveness and business feasibility through an end-of-life evaluation demonstrating the technology. In addition, Samsung Welstory and Future Play will proceed with investment through deliberation for selected excellent teams, and follow-up growth support, including TIPS recommendations, will be provided.
Through this program, the two companies will utilize each other’s strengths accumulated in each field to discover and nurture promising startups that respond to their strategic direction while supporting systematic growth. Future Play is in charge of planning and operating the program, selecting and nurturing startups, and developing patents. At the same time, Samsung Welstory will provide the budget necessary for program operation, employee mentoring, in-house infrastructure, and follow-up investment.
Future Play has been running a program to nurture excellent startups in the food tech field for four years. Samsung Welstory is a global food and beverage company with 40 years of food business capabilities and know-how in food material distribution and food service.
