Starbucks wants to help launch new food startups.
It announced that it will be investing $100 million in a new venture fund with Valor Equity Partners, according to a report by CNBC. Valor previously invested in Tesla and SpaceX.
The new Valor Siren Ventures Fund will be the first time Starbucks has made any investments in other businesses. The new fund plans to invest $300 million in additional cash for more outside investments.
“We are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road,” said Starbucks CEO Kevin Johnson, in a statement.
Johnson, in his second year as head of the global chain, has been moving the company known for serving up coffees, lattes and teas towards fusing modern tech with its operations.