Chipotle Mexican Grill (NYSE: CMG) has announced a $50 million expansion of its Cultivate Next venture fund, increasing the total pool to $100 million. The fund, established in 2022 with an initial $50 million, focuses on early-stage investments in companies developing innovations in agriculture, supply chains, automation, and restaurant technology.
“Witnessing the progress of our cohorts […] has motivated us to scale our efforts and drive real change”
The initiative is part of Chipotle’s strategy to accelerate growth and enhance operations, with the company aiming to increase its restaurant count to 7,000 locations across North America.
According to Curt Garner, Chipotle’s chief customer and technology officer, “Our decision to double our commitment to our Cultivate Next venture fund is a clear indicator that we are investing in the right companies that we can learn from and utilize to improve the human experience of our restaurant teams, farmers, and suppliers.”
Since its inception, Cultivate Next has supported companies in developing solutions to industry challenges. Investments include startups working on plant-based innovations, such as Meati Foods, which produces protein-rich meat alternative products made from mycelium, and Zero Acre Farms, a company creating sustainable cooking oils through fermentation. Chipotle is currently trialing Zero Acre Farms’ oils at its test kitchen in Irvine, California, as part of its exploration of environmentally friendly menu ingredients.
Chipotle has also made minority investments in Plantible, an innovative company which is pioneering the use of duckweed to produce a sustainable, allergen-friendly protein that closely mimics the texture and functionality of animal-based proteins. The fund’s portfolio also includes food-sourcing platform Local Line, regenerative farming company GreenField Robotics and robotic avocado processor Vebu.
Christian Gammill, Fund Manager for Cultivate Next, emphasized the program’s impact, stating, “It is incredible to see the possibilities that exist when we bring the right founders, startups or ventures into collaboration with Chipotle. Witnessing the progress of our cohorts over the past two years has motivated us to scale our efforts and drive real change in the supply chain, agriculture, restaurant innovation, and automation sectors.”