Kellogg launches $100 million venture capital fund

Kellogg launches $100 million venture capital fund

BATTLE CREEK — Food processing giant Kellogg Co. will launch a $100 million in-house venture capital fund.

Dubbed Eighteen94 Capital, the fund aims to make minority investments in new ingredient, food, packaging and other technologies and “pursue next-generation innovation,” according to a statement.

Eighteen94 Capital plans to target early stage companies with a proven track record and established revenue. As well, the company said the fund will remain open to other companies, regardless of stage.

“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. “By investing directly in the most promising entrepreneurs and ventures, we can increase greatly our access to game-changing ideas and trends that could become significant sources of growth for us.”

Simon Burton will helm Eighteen94 Capital as its managing director. Burton worked as an executive with Kellogg for 10 years prior to his new appointment.

Kellogg partnered with Los Angeles-based Touchdown Ventures to manage the fund.