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.