The Kellogg-founded unit will generally invest between $1m and $3m at a time and the impetus behind its launch was the rate of innovation in food technology, Kellogg's vice-president of investor relations told GCV.

Eighteen94 Capital, the corporate venturing fund launched by cereal producer Kellogg last month, was established in response to the pace of change in the food industry, according to Kellogg vice-president of investor relations Simon Burton.

Kellogg announced 1894 two weeks ago, committing “approximately $100m” in capital for investments in starups, and portfolio companies will be able to work with the firm as well as its organic cereals subsidiary, Kashi.

“It has really been driven by the pace of innovation…