Tesco has become one of five leading global grocery retailers to establish pioneering collaborative venture fund, W23 Global, to accelerate innovation across retail
W23 Global brings together five global grocery leaders, including Tesco (UK, ROI, Central Europe), Ahold Delhaize (US, Europe, Indonesia), Woolworths Group (Australia, New Zealand), Empire Company Limited/Sobeys Inc. (Canada) and Shoprite (Africa).
- The new collaborative retail venture capital (VC) fund will seek to invest US$125m over five years in the world’s most innovative start-ups and scale-ups with the potential to transform grocery retail and address the sector’s sustainability challenges.
- W23 Global is led by CEO and Chief Investment Officer (CIO) Ingrid Maes who brings 25+ years of innovation in FMCG and grocery retail and currently leads Australian grocery leader Woolworths Group’s innovation fund, W23 Australia.
Five of the world’s leading grocery retailers have come together to establish a pioneering collaborative grocery VC fund, W23 Global. The fund will seek to invest in innovative start-ups and scale-ups that deploy technology to enhance customer experiences both in store and online, increase productivity across the grocery value chain and address the sector’s sustainability challenges, looking at everything from biodiversity in agriculture to sustainable packaging.
Each retailer is an equal funder and partner in W23 Global, while their CEOs will sit on the investment committee. Tesco will contribute US$25m over five years.
W23 Global complements its partners’ continuing direct innovation and investment strategies. The fund’s portfolio companies will be free to contract with any customer, whether a W23 Global partner or otherwise, on whatever terms they decide.
W23 Global CEO and Chief Investment Officer Ingrid Maes said: “W23 Global is a pioneering international VC fund with a uniquely powerful proposition for both our investors and portfolio companies. 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.
“W23 Global will also work with its 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.”
Tesco Group CEO, Ken Murphy said: “We are excited to be collaborating with four other leading grocery retailers in this new investment fund. We are passionate about seeking out the best retail innovations and finding ways to make everything we do sustainable, and this partnership allows us to do that on a truly global scale.”
Notes to editors:
Where W23 Global will invest
W23 Global will seek to invest in start-ups and scale-ups deploying technology to:
- Benefit consumers by driving faster, more personalised and connected experiences across stores and online;
- Create more efficient grocery value chains to the benefit of all stakeholders;
- Address grocery’s biggest sustainability challenges from farm to household, including emissions and waste reduction, packaging innovation, product traceability and transparency, healthy choices and biodiversity.
In addition to investing in early-stage businesses, W23 Global will seek out entrepreneurs to solve problems that are not currently being adequately addressed.
About W23 Global
- W23 Global will seek to deploy US$125m over 5 years, with strong potential for future growth. It is domiciled in the UK.
- W23 Global is led by CEO and Chief Investment Officer (CIO) Ingrid Maes. Ingrid currently leads Australian grocery leader Woolworths’ corporate VC fund, W23 Australia, which invests in retail innovation, sustainability and digital health, and is a well-known brand in the VC community.
- Ingrid brings an established track record, as well as 25+ years of experience in retail, data, customer loyalty, digital and investing.
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