The Shoprite Group has joined forces with prominent global retail conglomerates to create a joint venture capital initiative named W23 Global. The consortium includes retail giants such as Ahold Delhaize, Tesco, Woolworths Group, and Empire Company, all contributing equally to the funding and partnership of W23 Global. The chief executives of these retail organizations will serve on the investment committee guiding the fund’s decisions.
W23 Global has been established with the ambition to speed up the growth and integration of innovative solutions that tackle the significant issues faced by the grocery sector. As outlined in an official announcement, the venture capital fund is dedicated to fostering startups and growing businesses that implement technology to refine customer service, revolutionize the grocery supply chain, and address environmental concerns within the industry.
The fund has set a target to channel investments totaling approximately $125 million—or R2.3 billion—into various enterprises over the next five years. These investments are focused on companies that could make a meaningful impact on the grocery domain through technology-driven improvements and sustainable practices.
Ingrid Maes is at the helm of W23 Global, carrying the dual titles of CEO and Chief Investment Officer (CIO). Maes’ existing role as the leader of Woolworths Group’s innovation fund in Australia, W23 Australia, combined with her extensive 25-year background in consumer goods and retail, positions her as a capable leader for the global fund.
Spearheading the VC fund’s mission, Maes articulated the intention of W23 Global to provide its investing partners unparalleled exposure to pioneering concepts in grocery retail and sustainability on an international scale. The proclamation emphasizes the overarching goal of staying at the forefront of innovation that is continually transforming the retail sector and broader economic value chains.
W23 Global is committed to collaborating with its investor partners to tackle persistent, unmet needs within the grocery industry by identifying and supporting entrepreneurs poised to innovate and develop new solutions. The fund aspires to provide its portfolio companies with expedited access to global markets while avoiding the constraints typically associated with a venture fund tied to a single, strategic investor.
The fund aims to prioritize projects that improve personalized and integrated shopping experiences, streamline grocery supply chains for better efficiency, and address critical environmental challenges. It is particularly interested in supporting innovations that focus on reducing waste, advancing packaging solutions, enhancing product traceability, promoting healthier choices, and conserving biodiversity.
Beyond backing early-stage companies, W23 Global is on the lookout for entrepreneurs who are creatively addressing overlooked issues within the grocery retail landscape.
Pieter Engelbrecht, CEO of Shoprite Group, highlights the distinctive trading conditions facing South Africa, which differ from those of its partners in W23 Global. He underscores the significance of the venture fund for Shoprite, tying it to their commitment to being a responsible business entity that serves the interests of its customers, employees, shareholders, and the long-term well-being of the planet.
Meanwhile, Michael Medline, President and CEO of Empire Company, expresses excitement about being part of such a distinguished alliance. He emphasizes the drive to foster innovation that not only enhances customer experiences but also addresses pivotal challenges within the grocery retail industry. This collaboration with other international leaders in grocery retail demonstrates a collective desire to pioneer change and deliver value across the board.
The post Shoprite and Global Retailers Unite to Establish W23 Global VC Fund for Grocery Sector Innovation appeared first on Innovation Village | Technology, Product Reviews, Business.
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