Food Companies Launching Venture Funds

10/16/2018

Following the example of Tyson Foods, Kraft Heinz has established Evolve Ventures to invest in emerging companies with the potential to transform the food industry.  Bill Pescatello will lead the fund with an initial investment of $100 million.

 

Bernardo Hees, CEO of Kraft Heinz stated, “New technological innovations in the food industry create endless new opportunities to strengthen business models.”  He added, “Through Evolve 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.”

 

Pescatello has accomplished a successful venture-capital career investing as a partner at Lightbank in Chicago and the Peacock Equity Fund affiliated to GE Capital and NBC Universal.

 

The move towards investment through venture capital is a departure for the relatively stagnant food industry.  It is apparent that internal R & D is not generating new concepts and products for commercialization.  Companies are diverting funds to entrepreneurs who are evolving from incubators and universities. Creativity requires talent and the freedom to innovate without the artificial restrictions imposed in a corporate environment.


















































































































































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