CINCINNATI, March 1, 2021 /PRNewswire/ -- The Kroger Co.
Zero Hunger | Zero Waste Foundation ("Foundation") today announced
its second Innovation Fund ("Fund") open call, inviting eligible
innovators with ideas and solutions to prevent food waste to submit
an application by April 1 for
business support and funding totaling $2.5
million in collective grants.
"The Kroger Co. Zero Hunger | Zero Waste Foundation is committed
to helping build a more efficient and resilient food system and
charitable food system in the U.S. and beyond," said Denise Osterhues, president of The Kroger Co.
Zero Hunger | Zero Waste Foundation. "In the wake of the COVID-19
pandemic and its economic impacts, we are more determined than ever
to direct as much food as possible to its highest purpose: feeding
people. We can no longer afford to waste surplus food at any level
in our food system. For that reason, we are pleased to offer the
Innovation Fund's second open call for proposals that directly
support promising new ways to manufacture, process or distribute
upcycled consumer food products."
Upcycled food is the next frontier in recovering and repurposing
food that may otherwise go to landfills, encouraging the
reintroduction and reuse of food items into the supply chain.
Applicants are invited to submit proposals that promote a business
model that requires sourcing surplus food or food byproducts and
manufacturing them into new consumer-facing products.
After this open call, the Foundation – in collaboration with
Village Capital, the largest supporter of impact-driven, seed-stage
startups in the world, and the Fund's advisory committee –
will review the applications and select 10 startups. Each startup
selected for the Fund's second cohort will receive $100,000 in upfront seed grant funding, totaling
an initial $1 million investment.
Then the grantees will participate in a virtual workshop focused on
investment readiness, technical skill development and networking
with a community of investors and mentors in and around the food
system. The second cohort will have exclusive access to the
Foundation and Village Capital's leaders and partners, as well as
the option to apply for follow-on funding.
Cohort members will each be eligible for an additional
$100,000 grant from the Fund based on
achievement of identified program milestones. At the end of the
six-month milestone development period, two startups will be
selected by their cohort peers for an opportunity to receive an
additional $250,000 in funding.
"The Zero Hunger | Zero Waste Foundation works with
organizations, innovators and changemakers across the nation to
address a fundamental absurdity in our food system: 35% of food
produced in the U.S. is thrown away, yet 50 million Americans
struggle with hunger every day, including an estimated 17 million
children," said Sunny Reelhorn Parr,
executive director of The Kroger Co. Zero Hunger | Zero Waste
Foundation. "We welcomed our first Innovation Fund cohort in
2019, by awarding a total of $1
million to accelerate programs and solutions developed by
startups Food Forest, Imperfect Foods, mobius, Replate, Ripe
Revival, Seal the Seasons and Winnow. Now, we're eager to work with
Village Capital to accelerate partnerships with creative thinkers
and problem solvers who share our vision of a world where food
waste is no longer a reality."
"The mission of the Zero Hunger | Zero Waste Foundation is more
important than ever today," said Kelly
Bryan, manager of sustainability practice at Village
Capital. "Village Capital is excited to work with the Foundation to
identify additional innovators from around the country who are
helping reinvent the food system and recover and redistribute
surplus food in our communities."
To learn more about the Foundation's open call and apply, please
visit ZeroHungerZeroWasteFoundation.org.
About The Kroger Co. Zero Hunger | Zero Waste
Foundation
The Kroger Co. Zero Hunger | Zero Waste
Foundation is a 501(c)(3) public charity founded in 2018. The
Foundation was formed to support initiatives that create
communities free of hunger and waste.
About Kroger:
At The Kroger Co. (NYSE: KR), we are
dedicated to our Purpose: To Feed the Human Spirit®. We are nearly
half a million associates who serve over 11 million customers daily
through a seamless digital shopping experience and 2,761 retail
food stores under a variety of banner names, serving America
through food inspiration and uplift, and creating
#ZeroHungerZeroWaste communities by 2025. To learn more about us,
visit our newsroom and investor relations site.
About Village Capital:
Village Capital helps
entrepreneurs bring big ideas from vision to scale. Our mission is
to reinvent the system to back the entrepreneurs of the future. Our
vision is a future where business creates equity and long-term
prosperity. Since 2009, we have supported more than 1,000
early-stage entrepreneurs through our investment readiness
programs. Our affiliated fund, VilCap Investments, has invested in
more than 110 program graduates.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/the-kroger-co-zero-hunger--zero-waste-foundation-announces-open-call-for-second-innovation-fund-cohort-301237298.html
SOURCE The Kroger Co.