USA: Kellogg’s Eighteen94 Capital invests in Kuli Kuli
Eighteen94 Capital, the venture capital fund established last year by cereal and snack firm Kellogg, has unveiled its first major investment with the acquisition of a stake in US-based moringa firm Kuli Kuli for $4.25 million.
Based in Oakland, CA Kuli Kuli produces moringa-based food and drinks that are promoted as “a good source of iron, calcium, vitamin A, and other nutrients”.
Commenting on the move, Eighteen94 Capital managing director Simon Burton said: "By investing in Kuli Kuli and helping them grow, we're backing a new superfood category, one in which we see the potential for ongoing high-growth".
Eighteen94 Capital was set up by the food giant in June 2016 with the aim of supplying $100 million funding to develop start-up businesses in the food, ingredients, packaging and technology sectors.
Kuli Kuli's product range include Moringa Superfood Bars, Pure Moringa Powder and Moringa Green Energy Shots.