Evolv Ventures

Evolv Ventures is a Chicago, Illinois-based corporate venture capital firm that invests in emerging technologies designed to transform the global food and beverage industry. Operating as the dedicated venture arm of Kraft Heinz, the firm targets early-stage startups specializing in foodtech, agricultural technology, alternative proteins, supply chain logistics, and retail technology. The organization currently manages a $100 million venture fund structured to generate both financial returns and strategic market insights for its multinational parent corporation. By focusing on new consumer models and food e-commerce platforms, the firm provides critical growth capital to businesses serving various stakeholders across the broader food ecosystem. Its active investment portfolio features several prominent business-to-business and consumer-facing technology companies, including startups like GrubMarket, New Culture, Zippin, and Flowhub. Evolv Ventures was officially established in 2018 by founding partners Bill Pescatello and Steve Sanger.

High-Level Overview

Evolv Ventures is a Chicago-based venture capital firm founded in 2018 by Kraft Heinz with a $100 million fund targeting early-stage startups disrupting the food industry through emerging technologies.[1][2][3] Its mission centers on investing in food technology, retail technology, consumer products, and digital logistics, leveraging Kraft Heinz's network, expertise, and resources to provide value-added support beyond capital.[1][2] The firm, led by experienced investor Bill Pescatello (formerly of Lightbank and GE Capital), has made 11 investments with an average check size of $32.8 million historically and a maximum of $110 million, focusing on sectors like software, e-commerce, retail, transportation, hardware, robotics, and IoT.[1][3] Notable portfolio companies include New Culture (animal-free dairy), Zippin (checkout-free retail), and Oobli (latest Series B investment in May 2022).[1][3] Evolv plays a key role in the startup ecosystem by bridging corporate resources with innovative food tech ventures, fostering disruption aligned with Kraft Heinz's innovation goals.[1]

Origin Story

Evolv Ventures was established in 2018 by Kraft Heinz, the global food giant, as a dedicated $100 million venture fund to scout and back technologies reshaping the food sector.[1][2][3] This corporate venture capital initiative emerged from Kraft Heinz's strategic push to stay ahead in food innovation amid industry shifts toward tech-driven solutions like alternative proteins and efficient retail.[1] Bill Pescatello, a seasoned venture investor with prior roles at Lightbank and GE Capital, leads the firm, bringing deep expertise in early-stage deals.[1] From inception, Evolv has evolved its focus on early-stage investments (seed to Series B), completing 11 deals by May 2022, including pivotal ones like Oobli's $25 million Series B, while expanding into adjacent areas like mobility and robotics to support food supply chains.[1][3][4]

Core Differentiators

• Corporate Backing and Network Strength: As a Kraft Heinz-backed fund, Evolv provides portfolio companies access to the company's vast industry expertise, distribution channels, and operational resources, acting as a strategic partner rather than pure financial investor.[1][2]
• Targeted Food Tech Focus: Specializes in early-stage disruptions in food tech, retail tech, consumer products, and logistics, with 11 investments emphasizing high-impact areas like animal-free dairy (New Culture) and autonomous checkout (Zippin).[1][3]
• Proven Track Record and Check Sizes: Delivered 11 investments, one portfolio exit, and two funds managed; average historical check of $32.8 million (typically $1-5 million at Series B), with last activity in May 2022 funding Oobli alongside top VCs like Khosla Ventures.[1][3][4]
• Operating Support: Combines capital with hands-on guidance from Kraft Heinz's ecosystem, aiding scaling in a competitive food innovation landscape.[1]

Role in the Broader Tech Landscape

Evolv Ventures rides the wave of food tech transformation, fueled by consumer demand for sustainable, tech-enabled food systems amid climate pressures and supply chain disruptions.[1][2] Its timing aligns with the post-2018 surge in alternative proteins, precision fermentation (e.g., Oobli), and autonomous retail/logistics, sectors projected to grow rapidly as traditional food giants like Kraft Heinz adapt to agile startups.[3] Market forces favoring Evolv include rising investments in agtech and food supply innovation, where corporate VCs like Evolv offer startups credibility and go-to-market acceleration over pure-play funds.[1] By influencing the ecosystem through 11 strategic bets and one exit, Evolv helps integrate cutting-edge tech into mainstream food production, bridging Big Food with disruptors and amplifying Kraft Heinz's role in industry evolution.[1][3]

Quick Take & Future Outlook

Evolv Ventures is poised to deepen its food tech portfolio amid accelerating trends like AI-driven supply chains, lab-grown foods, and climate-resilient logistics, potentially deploying remaining capital into Series A/B rounds post-2022 hiatus.[1][3] Rising global food security challenges and VC interest in sustainability will shape its path, with Kraft Heinz's backing enabling outsized influence via follow-ons or acquisitions.[2] Expect Evolv's role to evolve toward more operating partnerships, cementing it as a pivotal player in food's tech renaissance—echoing its founding mission to propel industry-disrupting innovation.[1]