Fast casual restaurant chain chipotle unveiled its new $50 million venture fund this week to invest in early-stage companies.
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The fund, Cultivate Next, will invest in seed companies for the Series B stage”that can accelerate the company’s strategic priorities, such as running great restaurants, amplifying technology and innovation, further advancing its Food With Integrity mission, and expanding access and convenience for consumers,” Chipotle said in a statement.
The venture fund will be financed solely by Chipotle, according to the company. And while the hedge fund itself is new, it won’t be the first time the Newport Beach-based company, founded in 1993 in Colorado, has invested in startups. Chipotle has invested in at least three companies before, according to Crunchbase.
More recently, the company invested in autonomous vehicles and delivery companies. of nuro Series C in March 2020, according to data from Crunchbase. The company also invested in the restaurant chain each table‘s venture round and the incubator Elix IncubatorSeed round.
Chipotle has nearly 3,000 restaurants in the United States, Canada and Europe.
Illustration: Li-Anne Dias
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