Chipotle invests in fast-casual chain, AI solution
The Chipotle Mexican Grill venture fund is backing start-ups in the casual dining and artificial intelligence verticals.
Introduced by Chipotle in 2022, Cultivate Next makes early-stage investments into strategically aligned companies that focus on increasing technology and innovation in restaurant operations and align with the fast-casual restaurant giant’s stated mission to “Cultivate a Better World.”
The fund was launched with an initial size of $50 million has now reached $100 million and is financed solely by Chipotle.
[READ MORE: Chipotle launches $50 million venture fund to foster innovation]
The two latest companies Chipotle is investing in are:
Brassica
Columbus, Ohio-based Brassica serves Eastern Mediterranean-inspired cuisine for customers to personalize their own salads and sandwiches. Founded in 2015, Brassica says it is committed to using high quality, locally-sourced ingredients at its six restaurant locations.
Signature items include house-made falafel, baked-to-order organic pita, antibiotic-free meats, roasted vegetables, Brassica seasoned fries, vegan tahini chocolate chip cookies, and fresh-squeezed minty pink lemonade.
"Investing in emerging culinary concepts that align with Chipotle's commitment to using real, fresh ingredients and making craveable food daily is consistent with our mission to Cultivate a Better World," said Nate Lawton, chief business development officer, Chipotle. "Funding from Cultivate Next's minority investment will help Brassica scale to open new locations and expand to new markets."
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Chipotle is investing in the Lumachain AI supply chain platform.
Lumachain
Headquartered in Sydney, Australia, Lumachain is a minority female-founded company which has developed a traceability solution that, in real-time, tracks the origin, location, and condition of individual items in a supply chain, from farm to table, enabling reduced waste and increased efficiency.
Lumachain's traceability solution is supported by a computer vision AI platform that monitors operations inside food production plants in an effort to improve quality, efficiency and safety.
"The visibility in real time and quality data analytics that Lumachain's software provides could optimize the management and quality of perishable goods for the food service industry," said Curt Garner, chief customer and technology officer, Chipotle.
Chipotle Mexican Grill Inc. operates more than 3,500 restaurants as of June 30, 2024, in the United States, Canada, the United Kingdom, France, Germany and Kuwait, and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe.
