Sector News

Campbell Soup to invest $125 million in food startups

February 19, 2016
Food & Drink

Campbell Soup is the latest corporation to jump on the venture funding bandwagon, announcing Wednesday that it will put $125 million toward disrupting the food industry.

The new venture fund will be called Acre Venture Partners, and will be managed by outside partners. President and CEO Denise Morrison announced the new fund in Boca Raton, Florida at the Consumer Analyst Group of New York Conference, Fortune reported.

“The food industry is being transformed by the fusion of food, well-being and technology,” Morrison said, according to a transcript from the conference. “New business models are emerging at every step of the value chain from farming and agriculture through food home delivery. There is a massive influx of venture capital aimed at disrupting the food ecosystem flowing from traditional VC firms and from funds managed by large food companies.”

Since 2010, about 400 food startups have received more than $6 billion in funding, Morrison said. Until now, Campbell’s influence in that sector has been limited. The soup company has made a few early stage investments, including in Juicero, a Silicon Valley-based startup dedicated to providing on-demand fresh juice. Business Insider reported on the Juicero funding by Campbell and other investors including Kleiner Perkins Caufield & Byers and GV (formerly Google Ventures).

Campbell isn’t alone in its business move. A growing number of corporations have opened their own venture arms over the past few years, including 7-Eleven, Walgreens and JetBlue Airways. They’re funneling their money into the startups that are disrupting their industries — think General Motors investing in Lyft, and UPS investing in delivery startup Roadie. The money often goes to the corporations’ direct competitors, with the goal that the investments will be an opportunity to forge partnerships and gain access to new technology.

There are plenty of food-related startups for Campbell to choose from, especially in the food delivery market, which has become especially crowded.

By Marisa Kendall

Source: Silicon Beat

comments closed

Related News

September 17, 2022

Coca-Cola chief platform services officer to step down

Food & Drink

Barry Simpson is stepping down from his position as chief platform services officer and senior vice president at the Coca-Cola Co. Mr. Simpson will leave the role Sept. 30, but he will remain in a senior advisory role until February 2023.

September 17, 2022

McCain acquires vegetable-based appetizer producer

Food & Drink

McCain Foods finalized its acquisition of Scelta Products, Kruiningen, Netherlands, for an undisclosed sum on Sept. 8. A maker of frozen, vegetable-based snacks, Scelta’s product line of breaded mushrooms, onion rings, and cauliflower fries joins McCain’s growing portfolio of prepared vegetable appetizers.

September 17, 2022

Plant-Based, Pumpkin Spice, and more food words added to Merriam-Webster Dictionary

Food & Drink

Plant-based, pumpkin spice, oat milk — these are just a few of the new food-related words added to the Merriam-Webster Dictionary this year. While these words are hardly new to the vernacular (especially pumpkin spice — why did that take so long?), they are only now deemed to have the “clear and sustained evidence of use” required for dictionary inclusion.