Global supermarket chains including the UK’s Tesco and Australia’s Woolworth’s Group have teamed up to launch a $125 million venture capital fund to accelerate retail innovation.
The group of five supermarkets also includes Africa’s Shoprite, Canada’s Empire Company and Ahold Delhaize, which operates in Europe, the US and Indonesia.
The name of the joint venture among the five supermarket chains is W23 Global.
It will see the groups invest in start-ups and scale-ups deploying technology over the next five years.
The developments aim to benefit consumers “by driving faster, more personalised and connected experiences across stores and online,” the companies said in a joint statement on Monday.
That will include start-ups and technology to overhaul the grocery value chain and address sustainability in the sector.
Each retailer is an equal funder and partner in W23 Global and their chief executives will all sit on the investment committee.
The chief executive and chief investment officer of W23 Global Ingrid Maes said of the new fund, “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.”
