PepsiCo is to support emerging Hispanic-operated food and beverage start-ups through its Greenhouse Accelerator programme.
The CSD giant will select ten “high-potential brands, products and/or foodservice concepts” to join the scheme in June.
Each business will receive $20,000 in grant funding and take part in a six-month mentorship programme. Out of the ten start-ups, one will be given an additional $100,000 and an opportunity to work with the Hispanic-focused edition of the accelerator. Companies have till 15 May to apply.
In targeting Hispanic start-ups, PepsiCo has paired its Greenhouse Accelerator programme with Juntos Crecemos, a platform the company uses to support Hispanic businesses. The scheme focuses on restaurants, bodegas and carnicerías. That initiative is part of a $50m investment PepsiCo says it is making to help small Hispanic businesses.
“PepsiCo is continually looking for ways to expand access to small businesses and entrepreneurs, particularly within communities of colour,” Antonio Escalona, the VP of PepsiCo’s Hispanic Business Unit, said.
“Knowing that Juntos Crecemos looks to help Hispanic entrepreneurs further grow their businesses, we saw an opportunity to collaborate with the Greenhouse Accelerator program to uncover emerging Hispanic-owned food and beverage brands, innovations and services, and help them realise their business goals while supporting the Hispanic community.”
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Last month, PepsiCo rolled out the Greenhouse programme to Asia Pacific. The scheme made its debut in Europe in 2017 before expanding to North America a year later.