FPP Amsterdam Speaker Spotlight: Kasia Gil, Principal, Sustainable Food Systems, ICOS Capital

Kasia Gil from ICOS Capital, one of +100 speakers at The Future of Protein Production Amsterdam on 23/24 October, shares her excitement for the Startup Symposium, where she looks forward to discovering innovative, impactful solutions

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The Startup Symposium is a crucially important component of our events; it’s also one of the more fun sessions we host. And one person who is particularly looking forward to this year’s Symposium is Katarzyna 'Kasia' Gil from ICOS Capital. “I am excited to be part of this Symposium. I am always keen to learn about innovative solutions that have significant impact on the environment and human or animal nutrition,” Gil begins. “ICOS Capital is a deep-tech investor and, for us, innovative technology is a crucial aspect of the companies that we invest in. Nevertheless, technology is not the only important value. Even the best technology will not bring a company to profitability without good business execution. I am curious to hear from our entrepreneurs about the main hurdles they were/are facing – and what they do to mitigate them. I also want to understand their strategy to create a well-prospering business.”

“I am excited to be part of this Symposium. I am always keen to learn about innovative solutions that have significant impact on the environment and human or animal nutrition

Gil is well placed to spot up-and-coming stars. Although she’s been with ICOS for three-and-a-half years now, her earlier education and career was a world apart from the financial sector. Explaining, Gil says, “I hold a master's degree in pharmacy, and I completed a Ph.D. in Food Chemistry. During my research career, I worked in the fields of green extraction techniques, food science, food waste valorization, analytical chemistry, and food technology. I carried out international collaboration between Mediterranean countries - BESTMEDGRAPE focused on new business opportunities and environmental sustainability using nanotechnological products.”

Gil says that her technological experience greatly informs her work today. “My background helps me with an evaluation of deep-tech projects in the food-tech space. At ICOS, I initially assisted in investments in food-tech, and I currently lead these investments as Principle, Sustainable Food Systems. My role involves identifying new investment opportunities and building relationships with founders, investors, industrial partners, and other networks.”

To evaluate potential investments, Gil analyzes the startup’s business model, market opportunity, product fit, and team. “I look into managing due diligence, reviewing financials, conducting market research, assessing risks, and verifying the legal aspects of the business, as well as negotiating terms of the investment deal, including equity stakes, valuations, and board seats,” she details. “I work closely with the companies that are in our portfolio, being part of the boards, and I help them with the strategy to grow the business.”

Delivering deep-tech development

ICOS Capital was founded in 2006 and Gil reports that the firm has been investing in sustainable projects from the start. “We have over 18 years of experience investing in deep-tech, innovative companies in the food tech space. We also invest in biochemical, biomaterial, decarbonization, and sustainable digital solution sectors. Currently, ICOS Capital manages a Fund with a sustainable investment objective as well as funds that promote environmental benefits.”

Part of the company’s success can be attributed to its deep understanding that partnerships are key to commercializing new technologies. “The value that we bring as an investor is the broad range of networking industrial partners that we collaborate with," Gil comments. "For the purpose of good, valued, collaborations and partnerships, each year ICOS organizes its Innovation Summits, always in collaboration with one of our partners (e.g. the Collaborative Innovation Summit at Bühler’s Cubic Innovation campus). All collaboration summits are designed to spark more collaboration and dealmaking between startups and corporations.”

BioActor is one great example of a successful exit: it is an innovation leader in the development and commercialization of natural active ingredients, extracted from edible plants and fruits and used by leading food supplement brands worldwide

ICOS has many success stories among its portfolio and when asked she regards as the ‘hero’ companies so far, Gil has several examples that immediately spring to mind. “BioActor is one great example of a successful exit: it is an innovation leader in the development and commercialization of natural active ingredients, extracted from edible plants and fruits and used by leading food supplement brands worldwide. Another example of an alternative proteins company in the ICOS portfolio is NapiFeryn BioTech, a Polish innovator that developed and patented a unique technology for obtaining rapeseed protein from the side streams of oil pressing. This innovation makes it possible to retrieve all proteins contained in rapeseed at a very high yield. Affordable plant-based proteins have a significantly lower environmental impact than animal-based alternatives. One last example is FUL Foods, a food tech startup on a mission to scale future-proof nutrition through its microalgae-based F&B brand. FUL has launched a proprietary biorefining technology that recycles CO2 from carbon emissions to produce nutrients.”

Further illustrating the types of technologies that investors are now interested in, ICOS also recently invested in MOA Foodtech, a Spanish company that, Gil says, “blends the combined potential of industry biotech and AI to deliver cost-competitive and carbon-efficient functional ingredients that address the global need for sufficient nutritional ingredients while applying circular approaches through valorizing agri-food side streams.

Strong storytelling and the ability to communicate the startup’s vision, growth potential, and exit strategy effectively also play a significant role in enticing investors to get involved

A compelling combination

Over the years, Gil has noticed common ground among these successful pioneers. “Startups that attract investors typically have a combination of a great team, a scalable and innovative product or service, a large addressable market, early signs of traction, a clear business model, and sound financial management. Strong storytelling and the ability to communicate the startup’s vision, growth potential, and exit strategy effectively also play a significant role in enticing investors to get involved,” she observes.

So, what advice does Gil have for those looking to become an attractive proposition for investors? “If I were a young entrepreneur who wanted to create my own business, I would ask myself whether my concept is an innovative or disruptive solution with a unique value proposition that has scalability potential and has strong market opportunity with a large Total Addressable Market (TAM),” answers Gil. “I would also ensure I have an experienced and passionate team with complementary skills, a clear business model and profitability potential; and of course, a competitive advantage – such as proprietary technology, intellectual property, or significant brand differentiation.”

Gil also points out that startups with well-defined funding strategies (including how the current round of funding will be used to achieve specific growth milestones) are more likely to succeed, as will those that hit the correct market timing. Additionally, she says: “Last but not least, a startup needs a strong network and advisors, mentors, or industry experts that can help to build credibility, signal trustworthiness, and increase confidence in the company’s prospects.”

Kasia will be taking part in the first of our three Startup Symposiums at The Future of Protein Production Amsterdam. Book your place today to hear another 100 speakers, network with +400 industry leaders, and visit the exhibition stands of more than 40 participating companies