TLDR:
Key Points:
- Retail giants, including Shoprite Group, Ahold Delhaize, Tesco, Woolworths Group, and Empire Company, have partnered to establish W23 Global venture fund.
- The fund aims to invest $125 million over five years in start-ups focusing on technology to enhance customer experiences, transform grocery value chains, and address sustainability challenges.
Retailer Shoprite Group has joined forces with global retail companies to launch a collaborative venture capital fund called W23 Global. The other founding members of W23 Global include Ahold Delhaize, Tesco, Woolworths Group, and Empire Company. Each retailer is an equal funder and partner in the fund, and their CEOs will sit on the investment committee.
The VC fund, led by Ingrid Maes, aims to accelerate the development and adoption of solutions addressing key challenges in the grocery industry. The fund plans to invest $125 million over five years in start-ups and scale-ups utilizing technology to enhance customer experiences, transform the grocery value chain, and tackle sustainability challenges.
Ingrid Maes, who brings over 25 years of experience in the fast-moving consumer goods and grocery retail industry, will serve as the CEO and CIO of W23 Global. The fund will focus on initiatives such as personalized shopping experiences, streamlining grocery value chains, and addressing sustainability issues like waste management and product traceability.
Shoprite Group CEO Pieter Engelbrecht highlights the unique trading conditions in South Africa and underscores the company’s dedication to being a responsible corporate citizen. Empire Company president and CEO, Michael Medline, expresses excitement about the partnership and the opportunity to drive innovation in the grocery retail industry.
