Food and beverage (F&B) major Dole Sunshine Company (DSC) is joining hands with the Singapore Economic Development Board (EDB) for a new corporate venture.
Pier Luigi Sigismondi, president of the Food and Beverages Group at Dole Sunshine Company / Photo credit: Dole Sunshine Company
The new initiative, Dole Specialty Ingredients (DSI), will focus on sourcing and repurposing unutilized fruit parts into natural products such as enzymes, extracts, seed oils, and fibers. Currently, over 20% of fruits and vegetables produced globally are lost in the supply chain before they reach consumers.
With the new venture, DSI will transform would-be waste into products that can be used in industries such as F&B, pharmaceuticals, nutraceuticals, and cosmeceuticals, the company said.
“This way, fruit losses are upcycled instead of being left behind or sent to landfills,” said Pier Luigi Sigismondi, president of the Food and Beverages Group at DSC.
EDB New Ventures, the corporate venture building arm of EDB, is co-investing in DSI alongside DSC. In addition to the investment, a full-time venture building team from EDB New Ventures will be dedicated to co-build the initiative for two months alongside the F&B giant.
See also: Chinese tech giants are hungry for Southeast Asia’s fruits
The Agency for Science, Technology & Research (ASTAR) has also deployed five scientists from the Singapore Institute of Food and Biotechnology Innovation and the Institute for Chemical and Engineering Sciences to work together with the EDB venture building team, bringing their technology capabilities and expertise to the venture.
Editing by Miguel Cordon and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
