ORRVILLE, OHIO — The J.M. Smucker Co. has entered into a partnership with Rev1 Ventures, Columbus, Ohio, an investor in start-up companies. The partnership is designed to help J.M. Smucker identify start-up enterprises with potential in such areas as ingredient and process technology, snacking, and commodity and supply chain.
“This partnership is unique because it’s focused on identifying new technologies, while also connecting us with start-ups to mentor by delivering market expertise, with a goal of finding opportunities for joint development, product licensing, and more,” said Tina Floyd, senior vice-president and general manager of consumer foods at J.M. Smucker. “Smucker can connect with the most promising companies, while start-ups can glean valuable market feedback to help validate their product and customer value.”
Food businesses Rev1 has worked with in the past include 3Bar Biologics and The Toasted Oat. 3Bar Biologics, Columbus, creates “ecologically sound products that sustainably increase yields and protect farmer’s investments,” according to the company.
The Toasted Oat, Columbus, produces soft-baked granola with what the company calls “heritage recipes” with artisan ingredients. Products manufactured by the company include granolas in such varieties as apricot shortbread, macadamia chunk, cherry streusel and others.
“Smucker is a visionary in the industry and a leader in Ohio and North America, and we recognize the power of their engagement to attract the best and brightest entrepreneurs,” said Tom Walker, chief executive officer of Rev1 Ventures.
J.M. Smucker joins a long list of food and beverage companies that have taken an interest in identifying start-up businesses with growth potential, including Nestle, Tyson Foods, Campbell Soup Co., The Hershey Co. and more.
Since 2013, food and beverage start-ups have raised $9.5 billion across 2,100 deals globally, according to CB Insights, a data analytics firm based in New York.