Evolv Ventures

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]