Delhi headquartered Indian Angel Network (IAN) has teamed up with tyre manufacturer Michelin to launch Farm to Market Logistics or F2ML, an incubator that aims to assist entrepreneurs in creating mobility solutions that improve the linkages between farm produce and end markets. The incubator will seek ideas and solutions that aim to make the food supply chain generate less waste.
The incubator will be managed by IAN and supported by the French tyre maker.
“It has been IAN’s continuous endeavour to invest in innovative ideas across sectors. In partnership with Michelin, IAN would like to focus particularly on the food supply chain. The challenge of moving food produce efficiently from the farms to tables, reducing the current level of waste creates many opportunities to invent and grow profitable businesses in India,” IAN co-founder Saurabh Srivastava said in a statement.
Shortlisted innovators and entrepreneurs will receive assistance on designing their products or service, building prototypes, getting customer validation and preparing the foundation for commercialization of the idea. The F2ML initiative is open to individuals, teams or Indian startups and small and medium enterprises. Shortlisted applications will be assigned business mentors from the IAN mentor pool, comprising of successful entrepreneurs, investors and senior professionals.
“Michelin plays a direct role in the quest for sustainable mobility solutions. The capacity of the Michelin Group for innovation is not limited to tyres and Michelin has been leading, for several years, initiatives to develop innovative mobility solutions,” Philippe Barreaud, Head of Innovation Incubation for Asia at Michelin said.
IAN has been on a rapid expansion spree over the past 12 months, in terms of growing the scope of its investment activities. Earlier this year, IAN announced the launch of its UK chapter, which kicked off with the investment of an undisclosed amount in SaaS startup Swift Shift. In July last year, it launched an impact investment platform, dubbed IAN Impact, and announced its first investment in the space with a $500,000 commitment to Gram Vaani alongside Digital News Ventures.
In the last two years, the angel network says it has invested around $1 million a month in almost 30 companies. It also runs an incubator called IAN Incubator, whose 50 companies have either become revenue earning or raised seed funding within 6-9 months of incubation.