Evolv Ventures
Evolv Ventures is a company.
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Financial History
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Leadership Team
Key people at Evolv Ventures.
Evolv Ventures is a company.
Key people at Evolv Ventures.
Key people at Evolv Ventures.
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]
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]
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]
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]
