Lawn and garden care company Scotts Miracle-Gro SMG SCQA is launching a $50 million venture capital fund.
The company recently announced the creation of 1868 Ventures. The goal is to invest in early-stage companies that align with its business model and possibly operate as partners.
“Since our founding in 1868, we have been an industry leader that has evolved through innovation and ingenuity,” stated Randy Coleman, the company's CFO. “The creation of 1868 Ventures is a tip of the hat to this legacy while allowing our team to discover, support and learn from innovators and entrepreneurs as they build their vision into new realities.”
The new fund will be gearted toward North American enterprises that research and develop plant genetics, organic alternative for fertilizers and controls, and sustainable packaging.
This endeavor will be co-managed with Touchdown Ventures.
"We are enthusiastic about the capital investment, industry expertise, and customer validation that Scotts Miracle-Gro can bring to innovators in lawn and garden care and controlled environment agriculture," David Horowitz, CEO of Touchdown stated. "We believe Scotts Miracle-Gro will be the partner of choice for entrepreneurs seeking to create a competitive advantage for their startups in these categories.”
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