Menhammar Stuteri AB has acquired 10 percent of the shares in the startup company Foodchain by Blockchain AB. The company is active within Agtec / Foodtec and develops unique IT systems that focus on traceability and verification in the food chain and are currently aiming for global launch.
Cecilia Ryegård, CEO and main owner, Foodchain by Blockchain
Foodchain by Blockchain (FCB) is among the first companies in the world with solutions regarding food traceability based on farm level. As the name suggests, the solution is based on blockchain technology.
Menhammar Stuteri AB is part of the Soya Group, which has large investments in, among other things, shipping, real estate and water purification. Both sustainability and digitalization have long been both central and priority areas within the Group.
– We want to be involved not only with capital, but also by contributing to the development in this area, says Göran Björk, CDO within the Soya Group. Our goal is to run a sustainable agriculture, where full traceability of food is very important and we believe that will play an important part in the future.
– We are extremely happy about the deal with Menhammar, it will give us the means to scale up the business and get the system out on the market. We do not lack stakeholders, but Menhammar is our dream investor. We share the same values and our will to develop agriculture and food production in a sustainable and robust direction. We are passionate about this and so are our investors, says Cecilia Ryegård, CEO and main owner of FCB.
The system verifies origin, prevents cheating, tracks infections and handles all documentation around food production in one application, which can be handled via a smartphone. The system also allows for a direct channel between farmers and end consumers. The system is developed in close collaboration with industry organizations, agricultural companies, processing and retail.
– Food production is extremely complex. Our main strength is our industry knowledge and our network. We are developing a system for the industry, based on the needs of the industry, for the benefit of the entire food chain and ultimately the end consumer, says Cecilia Ryegård.
FCB received early attention from IBM, which awarded the company an innovation award with the motivation “For a high level of technical competence and content combined with extensive industry knowledge that promises exciting future prospects”. FCB is also part of IBM’s accelerator program “Startup with IBM Accelerator Sweden”.
– The business opportunities are definitely not limited to Sweden. We expect a global launch in the near future together with internationally active partners, says Cecilia Ryegård.
The first version of the system is expected to be ready for launch on the market at the beginning of 2021. There are many development opportunities in the future, some of them possible due to the surfacing of Covid-19.
– Covid-19 has directed attention towards many new questions and problems. Authorities’ and consumers’ demands on producers will increase and the system can be the key in documentation and verification. We see a very bright future, since eating is something we will keep doing throughout the times, both good and bad ones! Cecilia finishes.
Foodchain by Blockchain AB
+46 708-15 25 99
Soya Group, CDO Göran Björk