Kraft Heinz has launched Evolv Ventures, a fund that will invest in emerging tech companies that are transforming the food industry. The company has committed up to $100 million to the venture capital fund and brought on investor Bill Pescatello to lead the business. Pescatello brings more than a decade of venture investing experience at two venture funds to Kraft Heinz.
The fund is expected to 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," says 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."
Related: Kraft Heinz Incubator Partners With Five Startups; Kraft Heinz Launches Artisan Brand Incubator.
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