Starbucks is no stranger to food trends; if anything, the coffee shop is often at the forefront of all things trendy. Continuing in this vein, the company is investing $100 million in a newly created fund that will be managed by Valor Equity Partners—a Tesla investor—to promote companies developing new technologies and products for the food and retail industries.
“We are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road,” Starbucks CEO Kevin Johnson said in a statement.
The fund will then seek to raise an additional $300 million, Starbucks said on March 20,2019, ahead of its shareholder meeting, Reuters reported. During the meeting, the company reaffirmed its longer-term revenue and profit targets and said it would buy back $2 billion in shares as part of its commitment to return $25 billion to shareholders by 2020.
Will we see more innovative products in the upcoming months? Deli Market News will report on the latest happening in the specialty food sector.