Woolworths Group (ASX: WOW) has launched a $US125 million ($190 million) venture capital fund alongside four overseas supermarkets businesses.
Other investors in the W23 Global fund are Tesco in the UK, Ahold Delhaize in Europe, the US and Indonesia, Empire Company in Canada, and Shoprite in South Africa. Each investor has committed equal capital to the fund and will be represented on the fund’s investment committee.
Ingrid Maes, who has led Woolworths’ W23 venture capital fund since it was established in 2019, will lead sourcing of investments.
W23 investees include meal kit business Marley Spoon (ASX: MMM), telehealth platform Eucalyptus and plastics from recycled material business Samsara Eco.
The W23 Global fund plans to invest in start-ups and scale-ups that have developed technology which can disrupt the groceries retailing industry.
Maes said the fund will work with its investors to “identify common unaddressed challenges” and with entrepreneurs to provide innovative solutions.
Image: Ingrid Maes of Woolworths W23 venture fund.