TLDR:
- Five leading grocery retailers have established a collaborative venture capital fund called W23 Global, investing US$125m in innovative start-ups and scale-ups in the grocery sector.
- The fund aims to enhance customer experiences, transform the grocery value chain, and address sustainability challenges.
Five of the world’s top grocery retailers, including Ahold Delhaize, Tesco, Woolworths Group, Empire Company Limited/Sobeys, and Shoprite Group, have joined forces to create a collaborative venture capital fund called W23 Global. With each retailer contributing equally, the fund will invest US$125 million in innovative start-ups and scale-ups that utilize technology to improve customer experiences, revolutionize the grocery value chain, and tackle sustainability issues within the sector. The CEOs of the retailers will sit on the investment committee.
According to W23 Global’s CEO and chief investment officer Ingrid Maes, the fund has the potential to be a game-changer in the international VC landscape. The goal is to provide investors with unparalleled access to groundbreaking innovation in the grocery and sustainability sectors globally. By partnering with industry leaders, W23 Global will work with entrepreneurs to address common challenges and expedite the development of solutions that can scale globally.
The fund’s approach complements the direct innovation and investment strategies of its partners. Portfolio companies will have the freedom to engage with any customer, regardless of whether they are a W23 Global partner, and establish their own terms of engagement. Ahold Delhaize CEO Frans Muller emphasized the importance of collaboration in driving retail innovation, promoting sustainability, and delivering value to communities worldwide.
Overall, W23 Global represents a significant initiative in the grocery retail sector, bringing together major players to support and invest in innovative solutions that can shape the future of the industry.
