TLDR:
- Shoprite has joined a new venture capital fund with other global grocery leaders
- The fund will invest $125 million over five years in innovative start-ups
Africa’s largest retail group, Shoprite, has teamed up with other global grocery leaders to launch a new venture capital fund. The W23 Global fund, which includes retailers like Tesco, Ahold Delhaize, Woolworths Group, and Sobeys, will invest $125 million over the next five years in innovative start-ups aimed at transforming grocery retail and addressing sustainability issues within the sector. Each retailer will have an equal stake in the fund and their CEOs will sit on the investment committee.
Led by CEO Ingrid Maes, W23 Global focuses on investing in early-stage companies in retail-tech, climate-tech, and digital health. Founded in 2019, the fund is backed by the Australian Woolworths Group and aims to support companies that are driving innovation in these areas. This partnership highlights a commitment to driving positive change in the grocery retail sector and supporting sustainable practices.
