Kraft Heinz, Pittsburgh, Pa., launched Evolv Ventures, a Chicago-based venture fund that will invest in emerging tech companies transforming the food industry. Kraft Heinz 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,” says Bernardo Hees, chief executive officer of 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 venture investing experience. Most recently, he was a partner at Lightbank and founding member of the Peacock Equity Fund.
“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,” says 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.”