A newly-established venture capital fund from US food giant Kraft Heinz has selected its first investment in San Francisco-based food-to-table delivery service GrubMarket.
GrubMarket was started in 2014 and sources local food from producers and delivers it to businesses and consumers.
Kraft Heinz’s Evolv Ventures’ US$100m fund, which was launched in October to pursue investments in emerging tech companies disrupting the food industry, said in a statement it is ploughing an undisclosed amount of capital into the California-headquartered business.
Steve Sanger, who holds the title of general partner of Evolv Ventures, said. “We’re excited to invest in GrubMarket, a platform that is disrupting the food wholesale market. GrubMarket plans to grow its presence and product offerings through both geographic and product expansion.”
Chicago-based Evolv is led by Bill Pescatello. When Kraft Heinz launched the fund last year he said: “At Evolv Ventures, we will move beyond brands to have a committed first look at our industry’s most-promising and disruptive tech-enabled companies. With the insights, data and access available at Kraft Heinz, we look to take full advantage of our unique position and be the foremost value-added investor in the space.”
According to US online publisher TechCrunch, GrubMarket raised a total of US$25m from the investment round, which included other participants apart from Evolv.
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By GlobalDataThe investment was led by WI Harper Group and Digital Garage, with contributions from Evolv, the University Growth Fund, Arancia International, CentreGold Capital, and also existing investors ACE & Co., GGV Capital, Fusion Fund and Bascom Ventures.