TLDR:
- Grocery giants, including Tesco, Woolworths Group, and Shoprite, have launched a $125 million venture capital fund, W23 Global, to accelerate retail innovation.
- The fund will invest in start-ups and scale-ups deploying technology to enhance consumer experiences across stores and online, as well as address sustainability in the grocery sector.
Global supermarket chains, such as Tesco, Woolworths Group, and Shoprite, have joined forces to create a $125 million venture capital fund called W23 Global. This fund aims to drive retail innovation by investing in start-ups and scale-ups that utilize technology to improve consumer experiences in-store and online. The fund will also focus on addressing sustainability within the grocery sector through technological advancements.
Each retailer participating in the fund, including Ahold Delhaize and Empire Company, is equal funder and partner in W23 Global. The CEOs of these companies will sit on the investment committee to oversee the fund’s investments. W23 Global’s CEO and Chief Investment Officer, Ingrid Maes, expressed that the fund’s goal is to provide investors with access to transformative innovation in grocery and sustainability on a global scale.
