Five major retailers, including Shoprite and Woolworths groups, join forces in new global grocery retail venture capital fund.
. Each retailer is an equal funder and partner in W23 Global , while their CEO’s will sit on the investment committee.
The fund will seek to invest $125 million over five years in start-ups and scale-ups that deploy technology to enhance customer experiences, transform the grocery value chain and address the sector’s sustainability challenges, reads the statement. “At a time when innovation is reshaping retail and value chains across the economy, we aim to offer our investors incomparable access to transformative innovation in grocery and sustainability across the globe,” says Maes.“W23 Global will also work with its investors to identify common unaddressed challenges and identify entrepreneurs best placed to innovate new solutions.
In addition to supporting early-stage ventures, W23 Global seeks to identify and support entrepreneurs addressing unmet challenges within the grocery retail sector.
W23 Global Ahold Delhaize Tesco Woolworths Group Empire Company Ingrid Maes Sustainability Start Ups Scale-Ups Pieter Engelbrecht
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