Israel-based venture capital firm OurCrowd Ltd., and U.S.-based agrifood investor Finistere Ventures LLC formed a partnership with Israeli food and beverage manufacturers Tnuva and Tempo Beverages to invest up to US$100 million in local agrifood startups.

The agreement was reached to promote food and agriculture technology innovation in Israel, and follows the Israeli government's creation of an innovation incubator in northern Israel focused on these areas.

The partnership will support and invest in local entrepreneurs forming startups to address evolving consumer demands and transform the current agriculture and food chain, according to a release.