TLDR:
- Woolworths has partnered with international retailers to create a global venture capital fund.
- The fund, W23 Global, will invest US$125 million over the next five years in startups in the shopping space.
Article Summary:
Australian supermarket giant Woolworths has joined forces with four international retailers to establish a global venture capital fund, W23 Global, aimed at supporting startups in the shopping sector. The fund, which includes retailers from Netherlands, UK, Canada, and Africa, will invest a total of US$125 million over the next five years. Ingrid Maes, CEO of W23 Global, highlights the fund’s focus on offering investors access to innovation in grocery and sustainability on a global scale. The fund’s initial Australian counterpart, W23 Australia, has already backed several local startups, including ecommerce and health brands. Founders working with W23 Global will benefit from the expertise of the participating retailers’ CEOs, allowing for rapid testing and development of ideas. Woolworths CEO Brad Banducci emphasizes the importance of innovation in creating personalized experiences for customers. Amid this initiative, Australian supermarkets face scrutiny over alleged profiteering, with the government considering changes to the sector’s code of conduct to foster more competition. Despite these challenges, Woolworths remains committed to supporting entrepreneurs and driving retail innovation.
