Mars, the candy and pet food maker, is pouring $100 million into a new venture fund that will back pet care products, tech and services exclusively.
Jacobs joined Mars in 2016 when its petcare division acquired Whistle in a $117 million deal. Whistle makes GPS-based location and activity trackers for pets. Mars has made Whistle, often called a "Fitbit for pets," into a category leader.
However, Mars' petcare division is still better-known for (and sells more of) its pet foods, including Pedigree and Whiskas. Mars is also one of the largest employers of veterinarians via its Banfield Pet Hospitals and other animal health businesses.
Jacobs told CNBC that the fund will invest in a range of categories, not just pet tech start-ups. He expects Mars will be able to lend start-ups help with product development, marketing, manufacturing, distribution and science. "We want to be the go-to partner for any promising new venture in petcare, whether that's health, nutrition or anything else," he said.