South Africa's biggest food producer Tiger Brands will launch a venture capital fund to invest in food and beverage startups, with an initial allocation of less than R100m, CEO Noel Doyle said on Thursday.
A couple leaves Tiger Brands factory shop in Germiston, Johannesburg, South Africa, 5 March 2018. Reuters/Siphiwe Sibeko
Geographically, the fund, which will be launched in June, will predominately focus on South Africa, "but not exclusively so," Doyle told analysts after presenting the company's half-year results.
The company's total revenue from continuing operations increased by 8% to R16.4bn for the six months ended 31 March 2021, underpinned by price inflation of 9% and offset slightly by an overall volume decline of 1%.
Tiger Brands owns popular household brands including Koo, Jungle, Beacon and Fatti's & Moni's.