General Mills will invest $15 million to support underrepresented groups

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General Mills has announced a $15 million (€13.8 million) investment in two early-stage venture capital funds, Fearless Fund and Supply Change Capital.

The initiative aims to support founders from underrepresented groups and will be designated for food-related businesses looking to generate systemic impact and financial returns.

The investment will be made through General Mills’ venture capital arm, 301 INC.

Doug Martin, Head of Brand and Disruptive Growth at General Mills, said, “We experience first-hand the expertise and passion of the diverse and female founders of our 301 INC portfolio, and yet there is a systemic gap for minority food entrepreneurs looking to set up venture capital funding.

“We are excited to join forces with these amazing partners to discover and accelerate more founders, at earlier stages. Closing this gap means more innovations in our food system – from new concepts to emerging food technologies – and more inclusive opportunity cycles for entrepreneurs, businesses and communities.

Investment

Fearless Fund, created by women of color, invests in businesses led by women of color seeking pre-seed, seed or Series A funding. It aims to bridge the equity funding gap- risk for founders who create scalable and dynamic companies in terms of growth.

Arian Simone, General Partner and Co-Founder of Fearless Fund, said, “Access to capital is one of the biggest barriers preventing women of color from reaching their potential as founders, despite their strong track records in building successful businesses based on good ideas. .”

Supply Change Capital, a venture capital firm led by women and Latinas, invests at the intersection of food, culture and technology.

The company supports early stage food and food tech founders with a focus on sustainability, health and diversity.

“Multicultural Consumers”

Noramay Cadena, Co-Founder and Managing Partner of Supply Change Capital, added, “Food and food systems are at the heart of our culture and our economy. As the multicultural consumer population in the United States grows, we are focused on business change. ecosystem to give women and people of color the capital they need to shape our future food landscape.

301 INC and General Mills are committed to using their scale and expertise to improve equity in food access and representation.

Since revamping General Mills’ venture capital capabilities into a disruptive growth organization in June 2021, approximately 80% of INC’s $301 investment has gone to minority-led or women-led food companies. , including Grub Market, Pet Plate and Everything Legendary, the company noted.

© 2022 European supermarket magazine – your source for the latest A brand news. Article by Dayeeta Das. Click on subscribe register for ESM: European Supermarket Magazine.

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