TLDR:
- Woolworths and four overseas retailers are launching a US$125 million venture capital fund called W23 Global.
- The fund will invest in retail industry-related start-ups and scale-ups focusing on technology, customer experience, productivity, and sustainability.
Woolworths, along with overseas retailers Tesco, Ahold Delhaize, Empire Company, and Shoprite, will establish a US$125 million venture capital fund named W23 Global. The fund aims to invest in start-ups and scale-ups within the retail industry that utilize technology to enhance customer experience in-store and online, increase productivity across the grocery value chain, and tackle sustainability challenges such as biodiversity and sustainable packaging.
W23 Global’s CEO and chief investment officer, Ingrid Maes, highlighted the importance of innovation in reshaping the retail sector and the global economy. The fund intends to provide investors with access to transformative innovation in the grocery and sustainability sectors worldwide. W23 Global will also collaborate with investors to identify common challenges and select entrepreneurs capable of introducing innovative solutions, offering portfolio companies faster pathways to global expansion without the constraints of a single strategic investor.
Ingrid Maes currently oversees Woolworths’ corporate venture capital fund, W23 Australia, which focuses on retail innovation, sustainability, and digital health. Both funds will be managed from the same office in Sydney, allowing for synergy in their investment strategies and goals.
