Five major grocery retailers have collaborated to establish a unique venture capital (VC) fund called W23 Global. These retailers include Ahold Delhaize (US, Europe, Indonesia), Tesco (UK, ROI, Europe), Woolworths Group (Australia, New Zealand), Empire Company Limited/Sobeys Inc. (Canada) and Shoprite Group (Africa).
The fund will focus on investments in innovative start-ups and scale-ups that use technology to improve customer experiences, revolutionise the grocery value chain, and tackle the industry's sustainability issues.
Ingrid Maes, the CEO and Chief Investment Officer of W23 Global, said the VC fund's proposition was compelling for investors and portfolio companies. The investment committee, which includes leading grocery CEOs, will allow founders to quickly generate ideas based on an accelerated understanding of retailers' needs.
After the announcement, Frans Muller, CEO of Ahold Delhaize, stated that the company has been a pioneer in retail innovation for over 150 years, consistently investing in the customer value proposition.
By partnering with other industry leaders and leveraging their collective impact, they can drive retail innovation, promote sustainability, and provide excellent value to communities worldwide.
W23 Global will invest in start-ups and scale-ups that use technology to provide consumers with faster, more personalised, and connected experiences online and in stores, build more efficient grocery value chains that benefit all stakeholders, and address the most significant sustainability challenges in the grocery sector.
In addition to investing in early-stage businesses, W23 Global will seek out entrepreneurs to address issues that need to be resolved adequately.
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