Kellogg's Invests in Vegan Smoothie Company
Bright Greens is the latest plant-based startup to receive a capital boost from a major food corporation.
Food corporation Kellogg’s—through its venture capital arm eighteen94 capital—announced last week that it led a $2 million investment round in plant-based smoothie company Bright Greens. CEO Brian Mitchell founded Bright Greens—which makes frozen fruit and vegetable packs that only require hot water and a few shakes to create a blender-free smoothie—as a way to make consuming plant-based foods easier for busy people. “We are casting our net pretty widely so we don't miss the next [...] idea that could grow into the next trend," eighteen94’s managing director Simon Burton told Fortune. "You have to be open-minded about where you go looking.” Competitor breakfast brand General Mills—through its own venture capital arm, 301 Inc.—has made investments in several plant-based brands, including vegan dairy company Kite Hill, granola brand Purely Elizabeth, kale chip brand Rhythm Superfoods, fermented foods company Farmhouse Culture, and plant-based protein bar and nut butter company D’s Naturals. To date, Kellogg's and General Mills have invested $6.25 million and $37.8 million in plant-based companies, respectively.
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