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Saudi Arabia Startup Selected for PepsiCo Greenhouse Accelerator Program

<strong>Saudi Arabia Startup Selected for PepsiCo Greenhouse Accelerator Program<br><br></strong><em></em>

Ten innovative startups from KSA, UAE, Jordan, and Lebanon on track to join PepsiCo’s mentorship program, supporting their growth in innovative sustainable packaging 

Riyadh, Saudi Arabia – 23 February 2022 – PepsiCo has announced that Okeanos, a Saudi sustainable innovation company developing technologies to immediately reduce plastic pollution, is one of the ten companies selected for the first MENA edition of the Greenhouse Accelerator program following a rigorous multi-stage judging process.

The MENA edition of the PepsiCo Greenhouse Accelerator program launched last year and received nearly 70 applications from aspiring start-ups 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 start-up ecosystem that share PepsiCo’s vision for a more sustainable food system.

PepsiCo is already 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 race start in Jeddah of the Dakar Rally, 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.

As a longstanding investor in Saudi Arabia, PepsiCo is a committed partner in the Kingdom’s Vision 2030 and their aim of safeguarding the environment by increasing the efficiency of waste management and establishing comprehensive recycling projects and investment in the Kingdom’s circular economy, which forms the central focus of PepsiCo’s sustainability agenda.

PepsiCo Greenhouse Accelerator MENA Sustainability Edition_ssict_1200_641

A specially curated selection committee comprised of high-ranking PepsiCo executives ranked the start-ups 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 Greenhouse Accelerator Program aims to push for solutions and innovations in the packaging space that will help not only PepsiCo, but also other industries in accelerating the change needed for a more sustainable food system.

The ten selected companies will each receive an initial grant of USD 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 USD 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 start-ups 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 program will feature one-on-one mentorship, giving entrepreneurs access to PepsiCo executives and business accelerator experts, who can share advice and guidance on research and development, business models, product development, regulatory practices, and market activation. Their expertise can also help businesses overcome challenges in supply chain, marketing, distribution, manufacturing, packaging, label claims, fundraising and other elements of their operations.

The selected startups will also have the opportunity to showcase their innovation to reputable technology industry professionals at the Step Conference – a major regional event that PepsiCo is partnering with and sponsoring this year.

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