The Kraft Heinz Company (NASDAQ:KHC), the fifth-largest food and beverage company in the world, has launched a corporate venture fund.
Evolv Ventures will invest in emerging tech companies transforming the food industry.
Kraft Heinz has committed up to $100m to the fund, which will be led by venture investor Bill Pescatello.
Pescatello brings more than a decade of venture investing experience at Lightbank, the Chicago venture capital fund founded by serial entrepreneurs Eric Lefkofsky and Brad Keywell, and Peacock Equity Fund, a $250m global capital fund of GE Capital and NBCUniversal.
Evolv Ventures will be based in Chicago.