Kraft Heinz Co. is finally getting in on the whole food-tech startup trend, hoping to bring to life new food concepts that are far more innovative than Jell-O and Velveeta, which it already owns.
The packaged-food giant has committed $100 million to its new firm, Evolv Ventures, Bloomberg reports. The fund will invest in food technology companies as well as e-commerce innovations, logistics, and supply chain technology. Basically, it’s only a matter of time before someone brings up blockchain and everyone nods approvingly.
While this is Kraft Heinz’s first fund, as Bloomberg notes, it isn’t entirely new to the world of food innovation thanks to the aforementioned Velveeta and the company’s Springboard division, which helps develop new brands in new markets.
Kraft Heinz’s foray into funds comes after competitors like Kellogg Co. and General Mills Inc. have invested in their own funds, throwing money at the companies that aim to create the future of food. However, it should be no surprise that the company behind the world’s slowest ketchup would be a little tardy to the food startup party.