Kraft Heinz has launched a new venture capital fund to invest in emerging tech companies that are transforming the food industry. Kraft Heinz has committed up to $100 million to the fund, named Evolv Ventures, and has hired investor Bill Pescatello to lead the fund.
“New technological innovations in the food industry create endless new opportunities to strengthen business models,” says 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, who most recently was a partner at Lightbank (a Chicago venture capital fund), brings more than a decade of successful venture investing experience at two leading venture funds to Kraft Heinz. Prior to Lightbank, Pescatello was a founding member of the Peacock Equity Fund, a $250 million global capital fund of GE Capital and NBCUniversal.