Supermarket giants such as Tesco, Australia’s Woolworths Group, and Africa’s largest grocery retailer, Shoprite, have joined forces to establish a $125 million venture capital fund aimed at speeding up retail innovation.
The retailers announced that their new fund, W23 Global, will invest in start-ups and scale-ups over the next five years. These investments aim to enhance consumer experiences by enabling faster, more personalized, and interconnected shopping both in-store and online.
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This will encompass investments in start-ups using technology to transform the grocery value chain and tackle sustainability issues in the industry.
Each retailer, that include Ahold Delhaize as well as Empire Company, is an equal contributor &Â partner in W23 Global, and their CEOs will also serve on the investment committee, according to the release.
“We aim to give our investors unrivalled access to ground-breaking innovations in grocery and sustainability globally in a time when innovation is revolutionising retail and value chains across the economy,” said Ingrid Maes, CEO & Chief Investment Officer of W23 Global.
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