Five major players in the global retail arena, including Ahold Delhaize, Tesco, Woolworths Group, Empire Company Limited/Sobeys Inc., and Shoprite Group, have joined forces to pioneer a collaborative venture capital fund named W23 Global. This innovative initiative aims to accelerate the pace of innovation within the grocery retail sector and tackle sustainability challenges prevalent in the industry.
With a combined investment commitment of US$125 million over the next five years, W23 Global will focus on identifying and supporting the most promising start-ups and scale-ups worldwide that are leveraging technology to revolutionize the grocery retail landscape. Ingrid Maes, with over 25 years of experience in FMCG and grocery retail innovation and currently leading Woolworths Group’s innovation fund, W23 Australia, has been appointed as the CEO and Chief Investment Officer of W23 Global.
Speaking about the launch, Ingrid Maes emphasized the unique proposition of W23 Global, offering unparalleled access to transformative innovations in grocery retail and sustainability across the globe. She highlighted the fund's commitment to addressing common challenges within the sector while providing portfolio companies with accelerated pathways to global scale.
W23 Global stands out as a complementary venture to the direct innovation and investment strategies pursued by its partner retailers. Portfolio companies under the fund will have the freedom to engage with any customer, whether a W23 Global partner or not, under terms they deem suitable.
CEO Pieter Engelbrecht of Shoprite Group underscored the significance of innovation in addressing the unique trading circumstances in South Africa, emphasizing the need for more affordable solutions to sustain livelihoods. The partnership with global counterparts reflects Shoprite Group's commitment to corporate responsibility and sustainability.
Frans Muller, CEO of Ahold Delhaize, highlighted their longstanding commitment to retail innovation and expressed excitement about enhancing these efforts through collaboration with industry leaders. He emphasized the potential for collective impact in driving retail innovation, fostering sustainability, and delivering greater value to communities worldwide.
Similarly, Tesco CEO Ken Murphy expressed enthusiasm about collaborating with leading grocery retailers to seek out the best retail innovations and promote sustainability on a global scale.
Brad Banducci, CEO of Woolworths Group, emphasized the role of innovation in creating better, faster, and more personalized experiences for customers while reducing environmental footprint. He reiterated the company's commitment to supporting entrepreneurs and fostering innovation in Australia and New Zealand.
Michael Medline, President & CEO of Empire Company Limited, expressed excitement about the partnership and the opportunity to drive innovation that benefits customers and addresses critical industry issues.
W23 Global's investment focus will center on start-ups and scale-ups utilizing technology to enhance consumer experiences, optimize grocery value chains, and address sustainability challenges such as emissions reduction, waste management, packaging innovation, and healthy choices.
In addition to investing in early-stage businesses, W23 Global will actively seek out entrepreneurs to tackle problems currently under-addressed within the grocery retail sector. With this pioneering venture, these five global retail leaders are poised to shape the future of grocery retailing while fostering sustainability and innovation worldwide.
Comentários