The company has committed up to $100 million to Evolv Ventures, a new venture fund that will invest in emerging tech companies transforming the food industry.
Kraft Heinz has announced the launch of Evolv Ventures. The company has committed up to $100 million to Evolv Ventures, a new venture fund that will invest in emerging tech companies transforming the food industry. The fund will be led by venture investor Bill Pescatello.
Bernardo Hees, Chief Executive Officer at Kraft Heinz, said, "New technological innovations in the food industry create endless new opportunities to strengthen business models. 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."
Pescatello brings over a decade of venture investing experience to Kraft Heinz. Prior to joining Kraft Heinz, he was a Partner at Lightbank, the Chicago venture capital fund, and a founding member of the Peacock Equity Fund, a $250 million global capital fund of GE Capital and NBCUniversal.
The new venture fund will accelerate the company's exposure to emerging technologies and businesses. It will also leverage its position in the industry.
Bill Pescatello said, "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. 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."