Tesco partners with global grocers to launch retail innovation venture fund
Tesco has become one of five leading global grocery retailers to establish a pioneering collaborative venture fund to accelerate innovation across retail.
The W23 Global venture fund, which is equally funded by partners including Tesco, Ahold Delhaize, Woolworths Group, Empire Company Limited/ Sobeys and Shoprite, seeks to invest in innovative start-ups and scale-ups that deploy technology to enhance customer experiences in-store and online.
It also looks to increase productivity across the grocery value chain and address the sector’s sustainability challenges from biodiversity in agriculture to sustainable packaging.
The CEO’s of each global grocery partner will sit on the investment committee, with Tesco contributing £19.8m ($25m) over five years.
W23 Global CEO and chief investment officer Ingrid Maes said: “At a time when innovation is reshaping retail and value chains across the economy, we aim to offer our investors incomparable access to transformative innovation in grocery and sustainability across the globe.”
She added that the venture fund will work with investors to “identify common unaddressed challenges and identify entrepreneurs best placed to innovate new solutions”.
“Our ambition is to offer our portfolio companies faster pathways to global scale, without being exposed to a venture fund anchored by a single strategic investor. With five of the world’s leading grocery CEOs sitting on our investment committee and access to our broader ecosystem, our founders can test and develop their ideas quickly based on an accelerated understanding of retailers’ needs.”
Grocery Gazette
Related news
Tesco is introducing a new type of point-of-sale advertising tool in Hungary
On June 21, at the first Tesco Media Supplier Forum…
Read more >Retail trade and FMCG have become more attractive to workers
On 25 April Randstad Magyarország published the list of Hungary’s…
Read more >Enjoy Tesco on Lake Balaton this summer as well: delivery to your holiday home in up to 30 minutes
A holiday in Balaton can be about carefree relaxation and…
Read more >Related news
Large companies are resistant to economic uncertainty
Restrained expectations characterize the domestic corporate sector for the next…
Read more >Company trend in 2024: a more positive half-year, but still a negative message
The lowest number of companies in the last five years…
Read more >The Hungarian Marketing Association for the supply of the profession
The Hungarian Marketing Association is actively working for the future…
Read more >