Food and nutrition product manufacturer Nestlé has contributed to a fund being raised by Mexico-based venture capital firm Angel Ventures with a $100m target, Expansión has reported.
Founded in 2008, Angel Ventures invests across Mexico, Colombia, Peru and Chile – the four countries that make up the Pacific Alliance trade bloc – in addition to the US.
The firm initially participated through a vehicle called AV Network that linked startups to angel investors, before adding a co-investment fund as well as an incubator dubbed Archetype in 2013.
The latest fund will specifically target companies based in Pacific Alliance countries, and intends to back 20 to 25 startups. Angel Ventures’ portfolio already includes mobile card reader developer Clip, beauty product distributor B2Link and airport lift provider Wingz.
Fausto Costa, executive president of Nestlé Mexico, said his company is interested in food and beverage startups as well as pet food brands and companies developing innovative food and agriculture technologies.
Nestlé has made some corporate venturing investments, backing companies including healthy meal provider Freshly, medicine and nutritional supplement developer Pronutria Biosciences and clostridium difficile treatment developer Seres Health. It also helped to form VC fund manager Inventages.
