General Mills, Inc. (NYSE: GIS), a Minneapolis-based holistic pet health brand, launched its growth equity fund to accelerate disruptive innovation in the food ecosystem.
The growth equity fund is designed to own, scale and incubate strategically aligned businesses for future integration into the company’s core portfolio. This fund is the third pillar of Gold Medal Ventures, General Mills’ innovation ecosystem, joining G-Works, its internal venture studio, and 301 INC, its corporate venture capital arm.
General Mills’ scale will unlock new opportunities for its growth fund portfolio companies by leveraging the company’s brand building, omnichannel expertise and advantaged capabilities. These brands will remain founder-led and independently operated while being provided access to talent and expertise designed to fuel their growth.
The first portfolio company of the new vehicle is Fera Pets, Inc., a vet-founded pet supplement company led by Dr. Michelle Dulake. Fera Pets provides vet-created, science-backed supplements to support pet wellness with high-quality ingredients, accurate dosages and a combination of Eastern and Western medicine.
Gold Medal Ventures is focused on macro-opportunity areas in the food value chain that are ready to disrupt the industry. 301 INC’s recent investments include precision pollination startup, BeeHero, direct-to-consumer cat food brand, Smalls, and dog location and activity monitor brand, PitPat. G-Works test-and-learn launches include blood sugar friendly snack brand, Good Measure, and lower net carb pasta brand, Carbe Diem.
Headquartered in Minneapolis, Minnesota, USA, General Mills has a portfolio of brands including household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Totino’s, Annie’s, Wanchai Ferry, Yoki and more. The company generated fiscal 2023 net sales of U.S. $20.1 billion. In addition, its share of non-consolidated joint venture net sales totalled U.S. $1.0 billion.