PepsiCo has announced that Okeanos, a Saudi sustainable innovation company developing technologies to immediately reduce plastic pollution, is one of the 10 companies selected for the first MENA edition of the Greenhouse Accelerator program.
The MENA edition of the PepsiCo Greenhouse Accelerator program launched last year and received nearly 70 applications from aspiring startups in the region. The six-month initiative will focus on an initial grant to support operations and help launch or scale their innovation. In addition, the program seeks to enhance innovation in the sustainability space through collaboration with purpose-driven brands from the MENA startup ecosystem that share PepsiCo’s vision for a more sustainable food system.
The F&B giant is committed to an accelerated, sustainable growth agenda in Saudi Arabia. It has placed focus on enhancing market recycling rates and triggering recycling behavioral change by placing key infrastructure in compounds, malls, schools and sports complexes across Jeddah, Dammam, Abha and Riyadh. Moreover, in 2021, PepsiCo installed 15 smart, solar-powered sorting machines to collect and sort empty plastic bottles in Makkah, placed 80 recycling stations at the Dakar Rally in Jeddah, and in 2021, Aquafina was the official hydration partner of the ABB FIA Formula E Championship in Diriyah, installing several recycling stations on-site to encourage visitors to recycle.
A specially curated selection committee comprising high-ranking PepsiCo executives ranked the startups across five key criteria including: Sustainability alignment to PepsiCo Positive (pep+), strategic synergy with PepsiCo, scalability, relevance to MENA, and the potential to be a breakthrough innovation.
Judges in this edition looked for startups that are accelerating environmental sustainability in the food and beverage industry through disruptive technologies focused on sustainable packaging alternatives, packaging reduction, recycling processes, and sustainable recycling behavior modification.
The 10 selected companies will each receive an initial grant of $20,000 to support their business, along with guided mentorship from PepsiCo subject matter experts. At the end of the program, the final winner will receive a $100,000 grant from PepsiCo and have access to a growing network of influential experts and investors, logistics facilities, and growth through capacity building.
“The PepsiCo Greenhouse Accelerator program is an example of how we are building a positive value chain and prioritizing circularity and inclusivity through PepsiCo Positive (pep+), our strategic end-to-end transformation framework. We have received applications from an outstanding group of startups that are innovating in the field of sustainable packaging, and over the next six months, look forward to supporting them and contributing to helping the region as it doubles down on unleashing the potential of disruptors,” said Aamer Sheikh, CEO, Middle East — PepsiCo.
The selected startups will also have the opportunity to showcase their innovation to reputable technology industry professionals at the Step Conference — a regional event that PepsiCo is partnering with and sponsoring this year.
