December 11, 2019
PepsiCo is on the hunt for early-stage snack and beverage startups with a head-start on the next big food trends.
The company is launching its second Greenhouse Program in North America in an effort to find the next generation of emerging entrepreneurs and brands in the food and beverage industry. PepsiCo will select 10 startups best positioned to resonate with future consumers, while having a positive environmental impact. Chosen companies will be granted $20,000 in funding and join a six-month accelerator program.
"It's also a chance for our mentors and employees within the company to stay at the forefront of innovation, making sure they know what new ingredients and trends are occurring,” said Daniel Grubbs, Managing Director of PepsiCo Ventures Group in an interview with Cheddar.
Grubbs added that PepsiCo would consider these startups for investments or acquisitions.
To keep up with a rapidly changing consumer palette, PepsiCo has remained active on the M&A front. In 2019, the Doritos maker acquired PopCorners parent company BFY Brands, South African packaged goods company Pioneer Foods, and protein product Muscle Milk. In 2018, PepsiCo spent $3.2 billion to acquire SodaStream in an effort to gain exposure to the growing sparkling water trend and diversity away from soft drinks.