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.

Six dairy companies have been chosen to participate in the 2018 Land O'Lakes, Inc. Dairy Accelerator, which will provide tailored coursework and mentorship to dairy entrepreneurs.

Poppilu, a Chicago-based maker of antioxidant lemonades, has been selected for Kraft Heinz's first Springboard Incubator program. Poppilu founder Melanie Kahn is the only female business owner chosen for the program.

Searching to invest in and cultivate like-minded emerging entrepreneurs, the company designed the program to help individuals and small food companies with big ideas “follow the path to challenge the food industry, improve broken systems and make a difference.”

The winner will receive $50,000 in seed funding and $50,000 of in-kind services to bring their product to market.