Woolworths launches $190m VC fund alongside grocery giants
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The news: Five of the globe’s leading grocery retailers have launched a venture capital fund, W23 Global, to invest in start-ups and scale-ups that aim to improve technology in the sector while addressing the industry’s sustainability challenges.
The numbers: Each retailer is an equal funder and partner in the W23 Global, which will deploy $190 million over the next five years.
The context: W23 Global members include Ahold Delhaize, Tesco, Empire Company Limited/Sobeys Inc., Shoprite Group and Woolworths Group. The CEOs of each retailer will sit on the VC’s investment committee.
The fund will be led by Ingrid Maes as CEO and CIO, who brings over 25 years of innovation in fast moving consumer goods and grocery retail, and currently leads Woolworths Group’s innovation fund, W23 Australia. While it will be legally based in the UK, the fund will be run out of W23’s domestic office in Sydney.
What they said: In a statement on the launch, Maes said: "W23 Global will work with its investors to identify common unaddressed challenges and support entrepreneurs to develop solutions, offering faster pathways to global scale for portfolio companies. With leading grocery CEOs on our investment committee, founders can rapidly develop ideas based on an accelerated understanding of retailers’ needs.”
The source: Ahold Delhaize press release
