PITTSBURGH – Kraft Heinz has launched Evolv Ventures, a $100 million venture capital fund. Kraft Heinz plans to invest in new technologies in the food industry. The business will be based in Chicago.
Bill Pescatello, a venture investor, was named to lead the fund. Pescatello most recently served as a Partner at Lightbank, a Chicago venture capital fund founded by serial entrepreneurs Eric Lefkofsky and Brad Keywell. He also is a founding member of the Peacock Equity Fund, a $250 million global capital fund of GE Capital and NBCUniversal.
Pescatello said “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.”
Kraft Heinz expects Evolv Ventures will accelerate the company’s access to emerging technologies and businesses. “New technological innovations in the food industry create endless new opportunities to strengthen business models,” said Bernardo Hees, CEO 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.”