Fast food chain Chipotle Mexican Grill launched a $50m corporate venture capital vehicle yesterday to invest in companies innovating in the food industry.
Dubbed Cultivate Next will be capitalised through Chipotle’s balance sheet and will focus on seed to series B-stage companies developing innovative products across areas such as advanced robotics, farming and the supply chain, as well as restaurant operations and sustainable food.
Chipotle has been exploring innovation for a while, having launched an accelerator called Chipotle Aluminaries Project in 2019 under the auspices of its Chipotle Cultivate Foundation to support ventures that promote sustainability and food equity.
The accelerator’s initial cohort was made up of eight startups including GrubTubs, which converts food waste to animal feed, livestock health services provider Rex Animal Health, sustainable meat producer American Ostrich Farms and sustainable bottled water brand Asarasi.
Chipotle then provided an undisclosed amount of series C funding for autonomous delivery vehicle developer Nuro in March 2021 alongside Woven Capital, a corporate venturing subsidiary of automotive manufacturer Toyota.
The burrito producer recently teamed up with Miso Robotics, the creator of a hamburger-cooking robot, to test a robotic arm called Chippy that autonomously makes tortilla chips, and is trialling it at a food laboratory before beginning testing at California restaurants later this year.
Chipotle’s chief technology officer, Curt Garner, said: “We are exploring investments in emerging innovation that will enhance our employee and guest experience, and quite possibly revolutionise the restaurant industry.
“Investing in forward-thinking ventures that are looking to drive meaningful change at scale will help accelerate Chipotle’s aggressive growth plans.”
Photo courtesy of Chipotle Mexican Grill.
