"As consumer preferences move toward more diverse tastes and trends, the pace of innovation in the packaged food industry continues to intensify," said Gary Pilnick, vice chairman of Kellogg, in the release. ![]() With cereal sales eroding in recent years, investment in new ideas may be the company's only hope for growth. As Fortune reports, "the idea is to take minority stakes in those newer, smaller firms to help support their growth - mainly through the expertise Big Food makers like Kellogg can bring to packaging, marketing and distribution."Īccording to a press release, the fund, called Eighteen94 Capital, will invest in "emerging businesses in both Kellogg's core categories and adjacent categories, and in companies that have developed new consumer-driven technologies that could lead to long-term, mutual growth opportunities." It will play an integral role in achieving Kellogg's strategic growth objectives - and significant growth is much needed at Kellogg. On Monday, the cereal giant announced the launch of a new $100 million fund which will invest specifically in food projects. Kellogg's latest project is proof that the trend shows no sign of slowing. Venture capital investment in food startups has been on the rise in recent years, with companies sinking millions into meal kits, food delivery services, and other new products.
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