Kraft Heinz has announced the launch of Evolv Ventures, a venture fund that will invest in emerging tech companies transforming the food industry. Kraft Heinz has committed up to $100 million to Evolv Ventures and brought on Bill Pescatello, who has more than a decade of successful venture investing experience, to lead the fund.
“New technological innovations in the food industry create endless new opportunities to strengthen business models,” said Bernardo Hees, CEO at Kraft Heinz. “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 a long history of developing iconic brands, the new fund will accelerate the company’s 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.”