Manna Foods among companies backed by Thai Union fund

Manna Foods among companies backed by Thai Union fund

Our guide to some of the main in-house venture capital funds operated by major food businesses. 

For big food companies looking to gain exposure to new, exciting, potentially faster growing categories, M&A remains a popular route.

But an alternative, especially when it comes to start-up companies, is to make a minority investment. And, over the last two years, an increasing number of food majors have established an in-house development and venture capital arm to back innovative young companies with bags of potential, with a view to helping them to grow.

This is not altruism of course but such investments should, in theory, benefit both parties, enabling so-called Big Food to tap into evolving consumer trends and learn more about how to innovate and do business in a more agile manner.

Here we look at what some of the major companies have done in this area and at some of their key investments.

General Mills

General Mills has its 301 Inc arm, which outlines its strategy thus: "We are seeking emerging food brands with a compelling product, a strategic fit and fuelled by founders that are driven, passionate and aren't going to settle for anything less than success."

Investments include:

Good Culture, a US cottage cheese maker (2016, 2019)
- US snacks firm Rhythm Superfoods (2016)
Tio Gazpacho, a convenience food firm (2016)
Kite Hill, a US maker of nut-based dairy products (2016)
- California-based emerging probiotics firm Farmhouse Culture (2017)
- US plant-based protein bar supplier D's Naturals (2017)
Purely Elizabeth, a US oatmeal, muesli, granola and cereal firm (deal done 2017)
- Beyond Meat, an alternative protein business (2017)
Urban Remedy, a California-based plant-based food company (2018)
GoodBelly, a Colorado-based probiotics food and drink products firm (2018)
- Gathered Foods, the US business behind the seafood-alternative brand Good Catch (2020)


Kellogg's Eighteen94 Capital proposition is: "If you have a food-industry consumer product in-market or ready to launch, we have the capital and resources to take it to the next level".

Investments include:

Kuli Kuli, which makes products using moringa (2017)
Bright Greens, a US smoothie businesses (2017)
- US mushroom ingredients firm MycoTechnology (2017, 2019 and 2020)
Cargo (pictured above), a US, in-car product sale business (2018)

Campbell Soup Co.

Campbell Soup Co. unveiled its US$125m venture capital fund Acre Venture Partners in February 2016.

The soup maker owned 99.8% of the fund, an interest the company sold in 2020.

Then CEO Denise Morrison said at launch: "We believe that defining the future of real food requires new approaches, new business models, smart external development and an ecosystem of innovative partners."

Investments include:

- Spoiler Alert, a food technology business (2016)
- ImpactVision, also a food technology business (2017)
Pilotworks, which aids food entrepreneur start-ups (2017)


In 2019, the German dairy giant set up Müller Ventures, a unit to "invest into early stage start-up companies along the food and beverage value chain to generate a financial return and boost an innovation culture".

The Zurich-based venture-capital arm's efforts have so far included an investment in Yofix Probiotics, the Israel-based dairy-free yogurt start-up, in 2020.

Tyson Foods

Tyson Foods, the US meat giant, has a venture capital arm, Tyson Ventures, which was established in autumn 2016 to invest in companies developing breakthrough technologies, business models and products to sustainably feed the growing world population.

Key investments include:

- Beyond Meat, an alternative protein company (2016 and again in 2017. Exited in 2019)
- Memphis Meats, a US producer of 'lab-grown' meat (2018)
- Tovala, a US steam oven and ready-to-cook meals start-up (2018)
FoodLogiQ, a US food-tech business (2018)
Future Meat Technologies, an Israel-based lab-produced meat firm (2018)
- US mushroom ingredients firm MycoTechnology (2019 and 2020)
- US plant-base shrimp company New Wave Foods (2019)

In April 2019, Tyson Ventures invested in California-based food safety business Clear Labs.

Kraft Heinz

In October 2018, US food giant Kraft Heinz announced it was launching a venture fund that would invest in emerging tech companies that are aiming to transform the food industry

Bernardo Hees, then chief executive officer at Kraft Heinz, said at the time: "New technological innovations in the food industry create endless new opportunities to strengthen business models. Through Evolv Ventures, we will work with tomorrow's most innovative founders and companies in the space, and use the full resources of Kraft Heinz to help them succeed."

Investments so far:

- San Francisco-based food-to-table delivery service GrubMarket (2019)
- New Culture, another firm in San Francisco, focused on developing animal-free dairy cheese products (2019)
- Flowhub, a Colorado-based cannabis tech firm that works with retailers (2019)
- Zippin, a US-based cashier-less technology start-up that employs computer vision, artificial intelligence (AI), and sensor-fusion technology to provide checkout-free services for retailers (2019)
- Joywell Foods, a California-based sweet protein ingredients business (2020)

just-food interview from September 2019: "We're looking 10 years forward" - Evolv Ventures' Steve Sanger on strategy of Kraft Heinz's investment fund

Mondelez International

In October 2018, the snacks giant behind Cadbury and Oreo launched a business unit aiming to tap into the trends that could drive the future growth of the market.

Named SnackFutures, Mondelez's unit focuses on three areas, one of which is investing in fledgling firms.

The unit has three "mandates", which Mondelez dubs "invent", "reinvent" and "venture". It's the third of these mandates that focuses on "venturing with start-up entrepreneurs to seed new businesses".

Tim Cofer, Mondelez's chief growth officer and who leads the unit, said: "Discovering and unleashing innovative ideas in snacking that will delight consumers and drive growth is a key element of our new strategy. We are launching SnackFutures, a new forward-thinking innovation hub, to capitalise on new trends and mobilise entrepreneurial talent and technologies to build and grow small brands with large-scale potential."

Key investments include:

- US prebiotic functional foods business Uplift Food (2019)
- US free-from snacks maker Hu Master Holdings (2019)

Hain Celestial

Hain Celestial, the organic and natural food specialist, established its "strategic platform" Cultivate Ventures in November 2016 with a mission to "grow strategic investments and act as an incubator of small acquisitions until they reach scale for inclusion in the company's core platforms."

Key investments included:

- Local 130 Seafood, a seafood business
- Maketto, a culinary marketplace
- FoodyTV, a TV food network
- Foodify, an office food delivery firm 
Better Bean Co., a US manufacturer of bean-based products (2017)


Unilever, the Anglo-Dutch consumer goods giant, established its Unilever Ventures arm as long ago as 2002. It now has 40 direct investments.

It works closely with the company's incubator programme Unilever Foundry, which provides access to pilot projects, mentorship and grant finance.

Key investments include:

- Froosh, a smoothie brand (2008)
- Gousto, a recipe box company (2014 and 2019)
- Instacart, a grocery store delivery business (2016)
Sun Basket, an organic and non-GMP food ingredients business (2017 and 2018)
Milkbasket, a grocery delivery service in India (2018)

In the food area they include organic and non-GMO ingredients business Sun Basket, grocery store delivery business Instacart, recipe box business Gousto, smoothie brand Froosh and Indian grocery delivery start-up Milkbasket.


Nestle launched its venture capital fund in 2002. It is managed by an independent company, Inventages Ventures Capital, and is intended to provide the Swiss-based food giant with better access to new science, technology and know-how opportunities, through acquisitions, minority stakes, licensing and joint-ventures.

Key investments include:

- Vital Foods, a digestive aid business
- XO, a canned beverage innovator
- Velle, an oat-based product group


Danone, the French dairy giant, has a venture capital arm in the shape of Danone Manifesto Ventures, based in New York.

It said it employs a "carefully selected team that is driven, passionate and eager to team up with exceptional entrepreneurs".

Key investments include:

Yooji, a French baby food start-up (2017) and (2020)
- Kona Deep, a Hawaii-based water business (2017)
- Harmless Harvest, a US-based coconut water supplier (2018)
Farmer's Fridge, a US vending-machine business (2018)
Yumble, a meal-kits delivery firm, supplying kids meals (2018)
- Hälsa, a California-based supplier of oat-based, vegan beverages and yogurts (2018 and 2019)
Agricool, a French urban farming business (2018)
Epigamia, an Indian yogurt business (2019) and (2020)
Forager Project, a US plant-based organic dairy company (2019)
- Nature's Fynd - a Chicago-based firm producing alternative meat products using protein derived from microbes discovered in the "geothermal springs of Yellowstone's ancient volcano" (2019 and 2020)
- Phenix, a Paris-based business dedicated to cutting food waste (2020)
- Laird Superfood, a US plant-based business making products from ingredients such as coconut water and turmeric (2020)
- Ready, Set Food, a California-based business that manufactures supplements which help babies to tackle common food allergies (2020)
- Hungry Harvest, set up in 2014, a US firm delivering "oddly-shaped" or surplus fruit and veg to consumers' homes (2020)


Barilla, the Italian pasta and pasta sauce specialist, launched a venture capital fund and innovation hub called Blu1887 in November 2017, the name reflecting the colour of its packaging and the year it was founded.

Blu1877's initial plan was to seed investments in innovators in products and meal solutions connected with Barilla's core business and related ones.

Key investments include:

- Regrained Supergrain, a health bar company  (2017)
- BluRhapsody, a 3D pasta shaping business (2017)

In March 2019, Blu1877 was one of a group of investors to back California-based food by-products start-up Planetarians.

Katjes Group

Katjes Group, the German confectioner, has an investment arm called Katjesgreenfood which, as its name suggests, puts money into up-and-coming food brands with an eye on innovation and alternative food sources.

Key investments include:

- Veganz, a vegan supermarket chain in Germany (2016)
- Haferkater, a German porridge business (2017)
- Caté, a coffee and cherries-based drinks company (2017)
- Hemptastic, a hemp lemonade producer
Seven Sundays, a US muesli manufacturer (2017)
Foodstirs, a US organic baking start-up (2018)
Fora, another US firm and supplier of vegan butter (2018)
Wild Friends, a US plant-based, nut butter spreads maker (2018)
The Rainforest Company, a business in Berlin marketing products containing açaí
PigOut, a US alternative bacon products start-up (2019)


The Spain-based snacks supplier set up Grefusa Ventures in 2018.

The privately-owned company, which has a brand portfolio including Snatt's "bread snacks", said it wants to invest not just in salty snacks but further afield.

In 2019, Grefusa announced the division's first investment, with the backing of Spanish gaming business Play&go Experience

Thai Union Group

Thai Union Group launched a venture fund in October 2019.

The Thailand-based company, which owns the John West tuna brand, put an initial amount of US$30m into the fund which will back "innovative companies that are developing breakthrough technologies in food-tech".

Specifically, it was set up to invest in alternative protein, functional nutrition and value chain technology

The fund made its first investment straight away, pumping an undisclosed sum into Israel-based Flying Spark, which produces larval insect protein as a "sustainable and nutritious alternative protein".

In September 2020, the fund invested in food-tech businesses Alchemy Foodtech, Manna Foods Co. and HydroNeo as well as food-tech investment fund VisVires New Protein.


In March 2017, Fonterra, the world's largest dairy exporter launched the Fonterra Ventures Co-Lab – an open platform designed to forge potential partnerships with "entrepreneurial individuals and businesses".

A year later, Fonterra announced the division's first "strategic partnership" with a stake in Germany-based sports-nutrition firm Goodminton, a holding company that includes local start-up Foodspring.

Fonterra sold its stake in Goodminton in 2019 to Mars.


Nordic food group Orkla has more than one investment vehicle.

At a group level, it set up an in-house venture fund in March 2017 to back start-up businesses.

On launch, it said that through Orkla Ventures it planned to build "a project portfolio consisting of exciting, relevant growth companies with significant potential".

Orkla Ventures will initially focus on businesses in the Nordic region and Baltic states. It has set aside NOK100m (US$13m then) to invest.

In November 2019, it was announced the fund had invested in Norway-based baby-food start-up Grogro.

Meanwhile, in India, Orkla subsidiary MTR Foods has set up its own investment fund. MTR Foods announced its first investment in May 2018, backing kids' snacks start-up FirmRoots.

Rich Products Corp.

The privately-owned US giant, home to brands such as Seapak seafood, Jon Donaire desserts and Byron's Smokehouse barbecue meats, has Rich Products Ventures, a corporate-venture arm that, according to management executives, "invests in and supports companies that want to grow in B2B and direct-to-consumer food channels such as foodservice, in-store bakery and e-commerce".

Rich Products' Ventures investments have included:

BlueNalu, a business based in San Diego that is developing cell-based seafood (2020)
Tovala, the meal-service and smart-oven company, based in Chicago that has also attracted investment from Tyson (2020)
MyCoTechnology, which provides ingredients based on mushrooms for food and beverage companies (2020)


In 2020, the UK bread major teamed up with local accelerator Mission Ventures to invest in start-ups offering "bakery-led brands".

Privately-owned Warburtons and Mission Ventures, formerly known as Grocery Accelerator, said they planned to fund around five UK businesses that incorporated baking in their production process, including baking kits and baked snacks, as well as traditional goods such as bread and biscuits.

A vehicle, Batch Ventures, was set up by Warburtons and Mission Ventures to make the investments.


The Brazilian meat processor launched a venture-capital fund in July 2020 to target investments in start-ups across the supply chain.

It "will be focused on start-ups and tech companies with highly innovative skills, strictly related to Minerva´s value chain (alternative proteins, logistics, livestock, agri-tech and food retail) that have a long-term potential to enhance synergies, leverage our capabilities and unlock unique opportunities," the company said in a statement, without providing further details.

just-food asked Minerva for more information regarding the targeted geographical markets, the amount of money it plans to invest and the reasons behind the launch, but a spokesperson for the meat processor said no other details would be revealed until it publishes its next set of results.

No further information has yet been forthcoming.

Lotus Bakeries

In summer 2019, Belgium's Lotus Bakeries launched a fund to back emerging companies.

Lotus' FF2032 fund – the FF standing for fast forward and 2032 marking the company's centenary – was established to "create a platform for investment in promising brands and growth companies offering innovative products, technologies or market approaches within the food sector".

The fund made its first investment in July 2019, acquiring 20% of UK-based sourdough crispbread maker Peter's Yard for an undisclosed sum.

Lotus said the fund will invest in companies focused on "contemporary consumer demands" in the areas of nutrition and convenience, based in Europe or the US. It said it will invest up to EUR30m (US$33.3m at the prevailing exchange rate) in such minority interests.

In August 2020, Lotus announced it had bought a minority stake in US business Love Brands, the owner of corn-snacks brand Love Corn.