European Investment Bank Allocates €20 Million to Greek Food Technology Firm STIQ
The European Investment Bank (EIB) has announced significant investments in two innovative projects aimed at boosting Europe's competitiveness and security.
Firstly, the EIB is investing €20 million in STIQ, a Cyprus-based foodtech company. STIQ operates an AI-driven cloud kitchen technology platform that helps reduce waste in the food services sector, with plans to expand from its current 5 kitchen hubs in Athens to 30 hubs across Europe by 2029.
STIQ's AI-powered platform integrates food production, logistics, and software to optimize demand forecasting, dynamic menu adjustments, inventory control, and smart delivery routing. These features reduce food waste, lower CO2 emissions through optimized delivery and grouped orders, and improve operational efficiency, promoting sustainability in the food services sector.
The expansion aims to foster healthier, sustainable, and affordable meals for urban populations across Europe. STIQ also plans to roll out electric delivery fleets and improve food safety and waste reduction measures, contributing further to environmental and social sustainability goals in food delivery.
The EIB's investment, backed by the InvestEU programme, supports innovation, digital transformation, and economic cohesion, helping STIQ accelerate the development of proprietary AI features while entering new EU markets beyond Greece.
Meanwhile, Spain's Regional Resilience Fund is supporting urban development and sustainable tourism projects. The funding will help create more resilient and sustainable cities, promoting economic growth and job creation.
Elsewhere, DEG, a subsidiary of KfW Group, has signed a $50 million funding agreement to support women-led Tanzanian businesses. This investment aims to empower women entrepreneurs and contribute to gender equality in Tanzania's business landscape.
In 2024, the EIB Group provided €89 billion in new financing to 900 high-impact projects. These investments not only boost Europe's economy but also address pressing issues such as digital and financial inclusion, urban development, and gender equality.
As we move forward, it's clear that these investments will play a crucial role in shaping a more sustainable, inclusive, and competitive Europe.
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- The European Investment Bank's (EIB) €20 million investment into STIQ, a foodtech company, highlights a focus on development finance, aiming for financial inclusion and sustainability within the food-and-drink industry.
- STIQ's innovative AI-driven cloud kitchen technology platform, intended for expansion, will impact the lifestyle of urban European populations by offering healthier, affordable meals, promoting sustainable living, and reducing carbon footprints through efficient food delivery.
- The EIB's investment also encourages technological advancements, particularly in the realm of artificial intelligence, aiding the development of proprietary AI features for STIQ.
- Meanwhile, Spain's Regional Resilience Fund concentrates on urban development, targeting sustainable tourism projects to stimulate economic growth and the creation of job opportunities.
- Elsewhere, investing $50 million in women-led Tanzanian businesses, DEG seeks to enrich financial inclusion by empowering women entrepreneurs and fostering gender equality in the country's business landscape.
- These strategic investments by the EIB and DEG, along with other initiatives, demonstrate a commitment towards addressing pressing social impact issues like digital and financial inclusion, urban development, and gender equality across Europe and beyond.
