Chipotle Mexican Grill Inc. has formed a new venture called Cultivate Next that will invest in early-stage companies in the restaurant industry.
The new venture fund will have an initial size of $50 million and will be financed solely by Chipotle (NYSE: CMG).
The Newport Beach, California-based restaurant chain said the initiative’s aim is to support seed-stage to Series B-stage companies that are in line with Chipotle’s “strategic priorities,” such as “running great restaurants, amplifying technology and innovation, further advancing its Food With Integrity mission, and expanding access and convenience for consumers.”
"We are exploring investments in emerging innovation that will enhance our employee and guest experience, and quite possibly revolutionize the restaurant industry," Chief Technology Officer Curt Garner said in a statement. "Investing in forward-thinking ventures that are looking to drive meaningful change at scale will help accelerate Chipotle's aggressive growth plans.”
As part of Chipotle’s push into restaurant technology, the company recently began testing an artificially intelligent robot, Chippy, to cook its tortilla chips. The technology is made by Pasadena, California-based Miso Robotics.
Chipotle also launched radio-frequency identification (RFID) technology to trace and track ingredients in its restaurants. The company has begun using a new scheduling tool that uses machine learning, and last year it invested in autonomous delivery company Nuro.
