TLDR:
- Five leading grocery retailers have established a global venture fund, W23 Global, with a total investment of $125 million.
- The fund aims to invest in innovative start-ups and scale-ups that focus on enhancing customer experiences, transforming the grocery value chain, and addressing sustainability challenges in the sector.
Five major global grocery retailers – Ahold Delhaize, Empire Company Limited/Sobeys Inc, Shoprite Group, Tesco, and Woolworths Group – have joined forces to create W23 Global, a collaborative venture capital fund. The fund, with an investment target of $125 million over the next few years, will focus on supporting innovative start-ups and scale-ups that leverage technology to improve customer experiences, revolutionize the grocery value chain, and tackle sustainability issues in the industry. Each retailer will be an equal funder and partner in W23 Global, with their CEOs sitting on the investment committee. The fund aims to complement the retailers’ existing innovation and investment strategies, offering portfolio companies the flexibility to collaborate with any customer, regardless of their affiliation with W23 Global.
Aside from investing in early-stage businesses, W23 Global will also work to identify entrepreneurs who can provide solutions to challenges faced by the grocery sector. Ingrid Maes, the CEO and chief investment officer of W23 Global, highlighted the fund’s mission to expedite the development of ideas by founders who have a deep understanding of retailers’ needs, thus helping drive innovation in the grocery industry. The establishment of the global venture fund comes at a critical time when grocery retailers are navigating economic uncertainties and global supply chain disruptions, showcasing a commitment to fostering innovation and sustainability in the sector.
