PITTSBURGH & CHICAGO--(BUSINESS WIRE)--Oct. 5, 2018--
Kraft Heinz announces 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 venture investor Bill Pescatello to lead the fund.
“New technological innovations in the food industry create endless new
opportunities to strengthen business models,” said Bernardo Hees, Chief
Executive Officer 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.”
Pescatello brings more than a decade of successful venture investing
experience at two leading venture funds to Kraft Heinz. Most recently,
he was a Partner at Lightbank, the Chicago venture capital fund founded
by serial entrepreneurs Eric Lefkofsky and Brad Keywell, and was also a
founding member of the Peacock Equity Fund, a $250 million global
capital fund of GE Capital and NBCUniversal.
While Kraft Heinz has a long history of developing iconic brands
including Philadelphia, Heinz and Oscar Mayer, 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.”
Evolv Ventures will be based in Chicago.
About The Kraft Heinz Company
The Kraft Heinz Company (NASDAQ:KHC) is the fifth-largest food and
beverage company in the world. A globally trusted producer of delicious
foods, The Kraft Heinz Company provides high quality, great taste and
nutrition for all eating occasions whether at home, in restaurants or on
the go. The Company’s iconic brands include Kraft, Heinz,
ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell
House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Smart
Ones and Velveeta. The Kraft Heinz Company is
dedicated to the sustainable health of our people, our planet and our
Company. For more information, visit www.kraftheinzcompany.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181005005048/en/
Source: Kraft Heinz
Michael Mullen (media)
Jakubik, CFA (investors)