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Cargill Ventures, which to date has mostly backed startups in information technology and e-commerce, is broadening its scope to reflect - and potentially strengthen - the foodbusiness focus of its parent, Cargill Inc. The unit soon will begin making roughly half of its overall investments in companies developing bio-material products and food- and animal-science technologies.
In the past, Cargill Ventures has invested largely in software plays, such as Adaytum Inc., and Web-based business hubs, such as the now-shuttered Rooster.com.
Since its founding in 1999, Cargill Ventures has invested an estimated $80 million to $100 million in as many as 20 companies.
David Patchen, the managing director of Cargill Ventures, said the group decided on the shift last year and is evaluating several potential investments. Executives hope to make two or three initial deals by the end of May, after that, they would look to invest in perhaps a half-dozen deals...