Kraft Heinz has rolled out Evolv Ventures, a venture fund that will invest in emerging companies that are pursuing technology innovations in the food industry. The company has committed up to $100 million to Evolv Ventures and has brought in venture investor Bill Pescatello to lead the Chicago based fund.
“New technological innovations in the food industry create endless new opportunities to strengthen business models,” said Kraft Heinz CEO 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.”
While Kraft Heinz has developed new brands before, including Philadelphia, Heinz and Oscar Mayer, the company says Evolv will accelerate its exposure to emerging technologies and businesses, and better leverage its position in the industry.
“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,” said 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.”