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
Five microtrends rewriting green claim strategies
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >The winning projects of Tesco’s competition supporting children, young people and local communities can start with the start of school – nearly 2 million people voted for them
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Tesco’s food rescue heroes reduced the company’s food waste by 73%
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Related news
Dr Zoltán Pogátsa on the Hungarian economy: neither the golden age, nor an apocalypse
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Eurozone GDP grew by 0.1 percent in the second quarter compared to the previous quarter
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >KSH: industrial production decreased by 1.0 percent compared to the same period of the previous year, expanded by 2.0 percent compared to the previous month
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >