US-based garden and lawn product maker Scotts Miracle-Gro has formed a $50m corporate venture capital vehicle called 1868 Ventures in partnership with corporate VC services provider Touchdown Ventures.
Scotts Miracle-Gro oversees a range of brands that collectively offer lawncare and gardening products such as fertiliser, soil and nutrients, pest and weed control, and equipment for indoor or hydroponic gardening.
1868 Ventures will target technologies such as plant genetics, natural fertiliser and plant control products, sustainable packaging and systems that can support plant growth in controlled environments.
Portfolio companies will meanwhile be able to access Scotts Miracle-Gro’s expertise in areas like product development, marketing, retail and distribution. Partnership opportunities will also be available.
The fund will be stage-agnostic but will generally make investments sized between $250,000 and $2.5m for a first deal, with capital reserved for follow-on investments. It is prioritising portfolio companies located in North America.
Randy Coleman, Scotts Miracle-Gro’s chief financial officer, said: “Since our founding in 1868, we have been an industry leader that has evolved through innovation and ingenuity.
“The creation of 1868 Ventures is a tip of the hat to this legacy while allowing our team to discover, support and learn from innovators and entrepreneurs as they build their vision into new realities.”
