Campbell Soup Co. has committed $125 million to new venture capital fund, with the goal of investing in startups that are transforming the food industry from farms to home delivery, the Camden company's chief executive officer told analysts Wednesday.
Denise Morrison, the CEO, said that since 2010 about 400 startups in the food industry had received about $6 billion in venture-capital funding.
"To date our participation in that space has been limited," she said, citing Campbell's unspecified investment in Juicero Inc., a startup developing a new technology for juicing fruits and vegetables, according to a 2014 patent application.
Campbell's fund, Acre Venture Partners L.P., will be independent of Campbell and managed by unidentified outsiders, though Campbell is its sole limited partner, the company said.
The firm's representive on the investment committee of Acre will be Jeff Dunn, who heads Campbell Fresh, a new division that includes Bolthouse Farms, refrigerated soups, and the recently acquired Garden Fresh Gourmet.