The Campbell Soup Company is set to invest $125 million into launching venture capital fund known called Acre Venture Partners.
Campbell CEO Denise Morrison made the announcement this week during a presentation at the Consumer Analyst Group of New York, according to Fortune. Acre Venture Partners will be managed independently and be used to invest in startup food companies.
“We believe that defining the future of real food requires new approaches, new business models, smart external development and an ecosystem of innovative partners,” Morrison said.
Campbell is not the first major food company to blaze this trail. Last year, General Mills announced 301 INC, a business development and venturing unit focused on funding emerging food brands and identifying innovations in the food industry. Unlike Campbell, the General Mills venture capital segment is managed internally.