Africa’s largest retail group is by no means a bit-player in the relationship. The fund will invest $125 million over the next five years in innovative start-ups geared at transforming grocery retail and addressing the sector’s sustainability issues. The W23 Global comprises Shoprite, Tesco, Dutch-Belgian multinational retail group Ahold Delhaize (which has a footprint across the US, Europe and Indonesia), British market leader Tesco, the Australian Woolworths Group (which has over 1,400 stores in Australia and New Zealand) and the Empire Company/Sobeys from Canada. Each retailer will be an equal funder and partner in W23 Global, with their respective CEOs sitting on the investment committee. W23 Global, backed by the Australian Woolworths Group, is led by CEO and chief investment officer Ingrid Maes, who founded the organisation in 2019. The firm invests in early-stage companies in the retail-tech, climate-tech and digital health space.
Shoprite has Now Joined other Global Grocery Leaders in a New Venture Capital Fund
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