Richie Gray, global head at Mondelēz SnackFutures Ventures, is one of the 100 leading corporate venturing professionals in our 2026 Powerlist.
Under Richie Gray, US-based biscuit maker Mondelēz’s SnackFutures Ventures has become less an experimental innovation lab and more a highly strategic corporate VC arm.
By investing in companies that represent the future of snacking, rather than incubating many “new-to-the-world” internal concepts, SnackFutures itself says it backs high-growth scale-ups and early disruptors in the snacking CPG sector and emerging technologies in ingredients, packaging, supply chain and consumer experience.
The most important story of the past year is discipline. Gray and his ventures team have openly framed SnackFutures’ evolution as a move away from the earlier “invent” model, where internal brands such as Dirt Kitchen, CaPao, Ruckus & Co, Millie Gram and NoCoé struggled to scale through business units, toward a more classic CVC model with faster deal processes and clearer strategic fit. This came after the success of Mondelēz’s acquisition of paleo chocolate company Hu in 2021 for a reported $340m.
It matters because food CVC has been under pressure: inflation, cocoa volatility, changing health expectations and pressure on discretionary innovation budgets have forced consumer product groups to justify venture activity against core growth.
The portfolio signals that thesis. Celleste Bio, an Israeli cocoa tech company, raised a $4.5m seed round in December 2024 – the company is developing cell-cultured cocoa ingredients, relevant to cocoa supply security and price volatility.
Urban Legend, the UK “better-for-you” doughnut and pastry startup, received a SnackFutures minority investment in October 2024 to support Mondelēz’s expansion into cakes and pastries and “mindful indulgence”. The unit also participated in the seed extension round for maker of gaming-themed sour snacks with real fruit Final Boss Sour.
Gray’s case for CVC importance is not just deal volume but resilience and strategic impact. “SnackFutures has – and continues to – evolve and strengthen the strategic role we play for the company that goes beyond just small minority check writing,” he said. “We have also taken new LP positions and continued supporting our direct investments through follow-ons.”
Having led Mondelez’s CVC for about three years, Gray has revamped the entire group. The scope has gone from open innovation to a singular focus on VC activity. The team has been entirely reshaped to fit that mission.
The GCV Powerlist represents the 100 individuals spearheading the future of the corporate venturing industry.
These individuals excel in terms of their venturing approach and structure, number and quality of portfolio companies and in their contributions to the corporate venturing profession.
Here’s a snapshot of their recent deals:
