Chipotle launches $50 million venture fund

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Chipotle Mexican Grill Inc. CMG, -0.84% announced the launch of its $50 million venture fund, Cultivate Next, on Tuesday. The venture aims to support seed-to-Series B stage companies that focus on restaurant operations, customer convenience, and align with Chipotle’s goals for food and food sourcing. Chipotle will be the sole source of funding for Cultivate Next. Chipotle has previously invested in the autonomous delivery company Nuro and is adding new technology to its operations. Chipotle stock is down 9.1% for the year to date. See: Here’s how retailers are tackling the delivery challenges that come with skyrocketing e-commerce sales post-COVID

This article was originally published by Marketwatch.com. Read the original article here.

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