Food and beverage giant Kraft Heinz has launched venture fund Evolv Ventures as it looks to invest in emerging technology companies that it feels will transform the food industry.
The business has committed up to $100 million to the fund, which will be based in Chicago, and brought on venture investor Bill Pescatello to lead it.
“New technological innovations in the food industry create endless new opportunities to strengthen business models,” said chief executive Bernardo Hees. “Through Evolv Ventures, we will work with tomorrow’s most innovative founders and companies in the space, and use the full resources of Kraft Heinz to help them succeed.”
“At Evolv Ventures, we will move beyond brands to have a committed first look at our industry’s most promising and disruptive tech-enabled companies,” added Pescatello. “With the insights, data and access available at Kraft Heinz, we look to take full advantage of our unique position and be the foremost value-added investor in the space.”