Foodabox was selected to join South East Asia’s largest accelerator program, the MaGIC Accelerator Program (MAP) in July this year. The first cohort has seen about 77 promising startups ready to grow and accelerate their business in this 4-month program.
Foodabox was selected among 400 applicants under the Social Enterprise track. It is the first social enterprise in Malaysia that seeks to address environmental degradation by offering affordable and sustainable food packaging to restaurants via an advertising model. By selling advertising spaces on eco-friendly lunch boxes, and using the revenue to defray costs, it is able to sell cheaper food packaging sponsored by the advertisers.
All the selected social enterprises will be given a seed funding of RM30,000 to either pilot or grow their venture, and be paired up with a mentor, who is either an experienced entrepreneur or expert in his/her respective industry. Apart from all these perks, each startups will also have the chance to pitch their venture to impact investors or philanthropists at the end of the program.
Being one of the hand-picked social enterprise, Foodabox aims to seize this opportunity to bring fellow Malaysians to attention on the environmental degradation issue posed by polystyrene lunch boxes. It is looking into distrupting the unsustainable food packaging industry by offering a better and cheaper alternative. Lastly, it also aims to educate and instil environmentally-friendly habits among Malaysians by conducting a series of awareness campaign throughout local universities in this 4-month program at MaGIC.