Mars puts $100 million in new venture arm
Candy and pet food manufacturing firm Mars is allocating $100 million into a new venture unit that will fund pet care products, tech and services.
The newly-established Companion Fund will be a standalone company that will take minority stakes in early-stage companies.
“We want to be the go-to partner for any promising new venture in petcare, whether that’s health, nutrition or anything else,” said Ben Jacobs, who will lead the new venture firm while also managing Mars’ petcare division Whistle.
Jacobs noted that Mars will extend aid to startups in product development, marketing, manufacturing, distribution and science.
Aside from being a renowned confectionery firm, Mars’ is popular for its pet foods such as Pedigree and Whiskas.