Starbucks will anchor the new $400 million food-focused Valor Siren Ventures fund
|TechCrunch 20 Mar 2019 at 13:29|
The behemoth of burnt-coffee said that its commitment to the Valor Siren Ventures fund is an attempt to focus on “new ideas and technologies that are relevant to customers, inspiring to partners (employees), and meaningful to Starbucks business.”
As a company, Starbucks has been incredibly innovative — rolling out new tech-enabled services to customers. The company has , is dabbling with cryptocurrency payments , and has a .
Starbucks’s mobile payment service is slightly outpacing Apple’s
Meanwhile, Valor has a long history of investing in both technology and consumer food businesses. Thee firm as investments in companies that run the gamut from SpaceX, Tesla, and Addepar to food services companies and restaurant chains like WowBao, Fooda, and Eatsa.
With its commitment Starbucks joins a growing number of food and beverage companies that are embracing venture capital. Kelloggs , Tyson Foods , General Mills all have affiliated venture funds and even .
“We believe that innovative ideas are fuel for the future, and we continue to build on this heritage inside our company across beverage, experiential retail, and our digital flywheel,” said Kevin Johnson, president and chief executive officer of Starbucks, in a statement. “At the same time, and with an eye toward accelerating our innovation agenda, we are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road. This new partnership with Valor presents exciting opportunities, not only for these startups, but also for Starbucks, as we build an enduring company for decades to come.”