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
The Hungarian Food Bank Association is organizing a record-sized food collection on Friday and Saturday
At the Friday and Saturday fundraiser organized by the Hungarian…
Read more >Melon season already in full swing at Tesco
Every year Tesco sells large quantities of Hungarian watermelon in…
Read more >Local organizations can spend nearly another 60 million on youth community programs with Tesco’s grant program
The second round of Tesco’s community application program launched on…
Read more >Related news
GKI Analysis: Without EU funds, the domestic economy would just flounder
On May 1, Hungary marks the 21st anniversary of joining…
Read more >Csökkentette az élelmiszerárakat az árrésstop és az online Árfigyelő bővítése
2025 áprilisában csökkent az infláció és az élelmiszerárak növekedési üteme…
Read more >NGM: we always take action against unjustified price increases, inflation may decrease further in the coming months
The government is successfully fighting price increases. In April, inflation…
Read more >