Campbell Soup Company (NYSE:CPB), a Camden, N.J.-based global food company, is to form a new $125m venture capital fund.
With Acre Venture Partners, an independent fund managed by outside partners, in which Campbell will be the sole limited partner, the company intends to pick growth opportunities provided by the food industry, which is being transformed by the combination of food, well-being and technology, according to Denise Morrison, President and CEO, with new business models emerging at every step of the value chain from farming and agriculture through food home delivery.
To date, Campbell’s participation in that space has been limited having it made some direct early stage investments in startups including Juicero.
Founded in 1869, the company makes a range of products from soups and meals to snacks, beverages and fresh carrots. Its portfolio of brands include Campbell’s, Pepperidge Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh Gourmet.
The company has annual sales of more than $8 billion.