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US-based food giant Kraft Heinz has announced that it has launched a venture capital fund that focuses on the food industry, such as supply chain technology and e-commerce.
Kraft Heinz spent $ 100 million building a new company , Evolv Ventures , which will invest in food technology companies . To manage the Chicago-based fund, the company hired Bill Pescatello , founding member of Peacock Equity, an investment group gathered by NBCUniversal and GE Capital . Pescatello said that there are a number of failures in the food industry caused by technology and new models, but Evolv Ventures will focus on initiatives that work on supply chains, logistics, e-commerce and direct consumer projects.
Although Kraft Heinz has a long history of developing iconic brands such as Philadelphia, Heinz and Oscar Mayer, Evolv Ventures is likely to accelerate Heinz's interest in fast-growing food initiatives.
Heinz is not the first food company to enter this investment area. In 2016, Kellogg Company invested $ 100 million in a venture fund, Bloomberg reported, according to General Mills Inc. He used funds to invest in companies like Kite Hill and Beyond Meat.
Source: poxox.com technology

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