GlobeNewswire Inc | Nov 10, 2020 08:00AM EST

November 10, 2020

CHICAGO, Nov. 10, 2020 (GLOBE NEWSWIRE) -- SnackFutures, Mondelz Internationals (NASDAQ:MDLZ) innovation and venture hub dedicated to unlocking emerging snacking opportunities around the world, today announced it has made a seed investment in Torr, an early stage Israeli Foodtech Company, alongside Foodtech incubator The Kitchen Hub powered by Strauss-Group. Torrs proprietary technology, brings real, simple ingredients together to offer multi-textural, sensorial experiences. Terms of the investment were not disclosed.

Our investment in Torr validates Mondelz Internationals venture approach that began almost two years ago with the launch of our SnackFutures model, said Rob Hargrove, Executive Vice President of Research, Development & Quality for Mondelz International. Ventures and partnerships with new, innovative organizations enable us to secure future growth, and we will continue to expand our SnackFutures approach into new markets in the future.

Torr was founded by leading food scientists and culinary experts Gil De Picciotto and Yoel Benesh, and Roy Naaman, who serves as the companys CEO.

Through The Kitchens & SnackFutures investment, we have the opportunity to accelerate our technology platform and expand its application, said Roy Naaman, CEO of Torr. We are committed to develop innovative products that are based on simple and healthy ingredients you can see and taste for consumers around the world

SnackFutures investment in Torr is the result of a previously announced collaboration between SnackFutures and The Kitchen, Israels first Foodtech-focused incubator.

The Israeli FoodTech sector is one of the most dynamic and exciting innovation ecosystems in the world, said Jonathan Berger, CEO of The Kitchen. Through our ongoing collaboration with SnackFutures and Mondelz International, we are able to provide unparalleled access and visibility into one of the worlds leading FoodTech ecosystems.

SnackFutures is a key pillar of Mondelz Internationals consumer-centric growth strategy: It seeks to accelerate innovation through the invention of new brands and businesses, as well as and venture investments with start-up entrepreneurs. SnackFutures seeks to collaborate in key strategic areas of well-being snacks and related capabilities, as well as digital platforms and capabilities.

About Mondelz International

Mondelz International, Inc. (NASDAQ: MDLZ) empowers people to snack right in over 150 countries around the world. With 2019 net revenues of approximately $26 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; CadburyDairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelz International is a proud member of the Standard and Poors 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ

About Torr

Torr FoodTech was founded by leading food scientists and culinary experts Gil De Picciotto and Yoel Benesh, and Roy Naaman, who serves as the companys CEO. Torrs proprietary technology, brings real, simple ingredients together to offer multi-textural, sensorial experiences.

Visit www.torrfoodtech.com.

About The Kitchen Hub

Founded in 2015 as a part of the incubators program of Israel Innovation Authority, and owned by Strauss Group, The Kitchen is Israel's first FoodTech incubator with 18 companies in portfolio and is considered a "Companies Builder". The Kitchen addresses global food challenges by harnessing Israels renowned innovation eco-system. Some examples of their areas of interest are: Alternative Proteins, Cellular Agriculture, Healthy Eating, Sugar Reduction, Food Safety and Traceability Industry 4.0. Discover more at www.thekitchenhub.com.

Tom Armitage (Media)Contact: +1 847 943 5678 news@mdlz.com