Tesco makes in-roads with crowdfunding platform for food entrepreneurs
Backit, the supermarket's new reward-based platform, is now listing six UK start-ups including a company which makes hummus from waste vegetables
Two months on from its debut into the crowdfunding market, supermarket giant Tesco has announced that it is now helping to promote six early-stage UK food start-ups.
In September, Tesco launched its reward-based crowdfunding platform Backit – designed to “give food and drink businesses the chance to grow” by enabling them to pitch for funding, and receive help and advice from Tesco experts on how to bring their products to life.
The platform allows suppliers not yet listed with a big UK supermarket to raise a minimum of £2,000 in exchange for offering backers “exciting” rewards linked to their products.
Intended to champion the UK’s thriving food start-up community, Tesco has confirmed that businesses featured on the platform – which charges a 1.4% payment fee – are not obliged to list or work with it after their campaigns have ended.
The six start-ups on Backit include Fries Guys Loaded Fries Sauces, with flavours such as ‘peanut butter mustard’ and ‘animal sauce’, and chilli sauce company PaPa Spice.
Also featured is ChicP – featured in our recommendation of new food businesses redefining healthy eating – which makes a selection of raw hummus drips from vegetables that would have otherwise gone to waste.
Tesco has said that it is now appealing for other food waste entrepreneurs, like ChicP founder Hannah McCollum, to join its platform and gain funding for their products:
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Michael Francis, Tesco business development director, commented: “There’s room for many more [businesses] on the platform and the BackIt team can offer you the help and support you need to bring your product to life.”
To register your food business for Backit, click here.