MINNEAPOLIS — General Mills Inc. has confirmed that it plans to shut its G-Works in-house incubator and cease new investments via its 301 Inc venture capital arm.

News of the move had surfaced in media reports this week. Since late 2023, 301 Inc and G-Works — launched in 2012 and 2019, respectively — have been operating under the Minneapolis-based food company’s Gold Medal Ventures banner.

Described by General Mills as its “disruptive innovation ecosystem,” Gold Medal Ventures includes the G-Works internal venture studio, focused on driving innovation and identifying opportunities; the 301 Inc corporate venture capital arm, charged with making early-stage investments in startups; and the Gold Medal Ventures growth equity fund, aimed at owning, scaling and incubating high-potential brands and strategically aligned businesses for future integration into General Mills’ core portfolio.

General Mills had unveiled the Gold Medal Ventures growth equity component when announcing its acquisition of pet supplements maker Fera Pets Inc. in November 2023. However, General Mills reported that it’s now realigning its brand incubation, acceleration and VC investment activities under a new entity dubbed the “Strategic Growth Office.”

“Innovation is central to our Accelerate (corporate growth) strategy,” said Chelcy Walker, a spokeswoman with General Mills. “We’ve introduced a new Strategic Growth Office and are adjusting how we pursue new growth initiatives. As part of these changes, we are discontinuing our G-Works program, and we are pausing additional investments through 301 Inc for the foreseeable future.”

Walker declined to provide further details on the Strategic Growth Office, the phaseout of G-Works and the halt to new investment through 301 Inc.

“This does not impact Carbe Diem or our current 301 Inc portfolio,” she noted.

A lower-net-carb pasta brand, Carbe Diem was launched through G-Works about a year ago. Other brands emerging from G-Works have included Bold Cultr (animal-free dairy products), which closed in late February 2023, and Good Measure (blood sugar-friendly snacks), which shut at the end of 2024.

The current 301 Inc portfolio, according to the Gold Medal Ventures website, includes Everything Legendary (plant-based burgers and grounds), Mealogic (fresh meal delivery), Urban Remedy (organic fresh foods and ready-to-eat meals), PetPlate (meal delivery for dogs), Smalls (cat food), BeeHero (pollination-tracking platform for beekeepers) and PitPat (dog GPS trackers and activity monitors), among other businesses. Fera Pets is the only brand listed for the Gold Medal Ventures growth equity portfolio.