Food processor the Kellogg Company has established eighteen94 capital, a new venture capital fund that plans to invest approximately $100 million into start-businesses pioneering new ingredients, foods, packaging and enabling technology.
“As consumer preferences move toward more diverse tastes and trends, the pace of innovation in the packaged food industry continues to intensify,” says Gary Pilnick, vice chairman of Kellogg Company. “By investing directly in the most promising entrepreneurs and ventures, we can increase greatly our access to game-changing ideas and trends that could become significant sources of growth for us. At the same time, we will be providing these companies with essential growth capital and access to Kellogg resources and expertise, which will help drive their ideas and businesses. It's truly a win-win.”
Joining the growing list of food and beverage companies investing in venture capital funds to spur growth, Kellogg says 1894 will invest in emerging businesses in both its core categories and adjacent categories, and in companies that have developed new consumer-driven s. While stage-agnostic, the fund will emphasize early stage opportunities with companies that have demonstrated good product and market fit and have generated initial revenue.