Nizhny Novgorod mayonnaise maker invests in gastronomical start-up acceleration | Volga, Finance, business

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Nizhny Novgorod mayonnaise maker invests in gastronomical start-up acceleration

8 Jul '15
The Nizhny Novgorod-headquartered NMZhK group of companies, producing mayonnaise, soap and other fat-based products, has unveiled plans to use the Moscow-based Mabius culinary accelerator to develop culinary start-ups, reported. NMZhK is expected to invest about $18.5m in the initiative.

Eligible for the acceleration program is any start-up entrepreneur with an interesting gastronomical project or an expansion-stage business owner. Those reaching the final phase of the program may expect $460,000 in investment and the chance to launch production on the premises of the Nizhny Novgorod factory.

“We’re not just talking about a start in Russia’s FMCG sector. New products, developed in collaboration with the culinary start-up center (Mabius), will have clear prospects of entering Asian markets as well. We’ve been working a lot with Asia in other projects of ours, and we do understand how things work there. Also, Mabius-aided entrepreneurs who will have developed a successful product may see their projects marketed by large-scale business players, primarily NMZhK,” said Ivan Sidorok, the co-owner of NMZhK Group who created the Mabius culinary start-up center last year, in a comment on the most recent initiative.

It is expected that the acceleration program will eventually bring about 50 new Russian products to be sold via retail networks.