Shoprite Group joins global retail giants to launch W23 Global Venture Fund
The fund will financially back small businesses in the retail space, with the aim of ensuring the sector remains sustainable.
Customers shopping at Shoprite. Image: Abigail Javier/EWN
Motheo Khoaripe speaks to Evan Walker, portfolio manager at 36ONE Asset Management.
A group of retailers around the world have joined hands to start a fund that will finance innovative small businesses in the retail space.
The Shoprite Group has teamed up with Ahold Delhaize, Tesco, The Woolworths Group and Empire to to launch the W23 Global Venture Fund.
It brings together five global grocery leaders, which will financially back small businesses in the retail space, with the aim of ensuring the sector remains sustainable.
The retailers have a footprint in markets around the world including Europe, USA, Australia and Indonesia, while Shoprite is the biggest retailer on the African continent.
Together they will invest about $123m to help innovative startups to improve the retail sector.
Evan Walker, portfolio manager at 36ONE Asset Management says this will take the global retail sector to the next level.
"This really is five big heavyweights around the world, looking tp put all their ammo in one basket, and obviously fire up some innovation."
- Evan Walker, portfolio manager - 36ONE Asset Management
"I think this is just the start of artificial intelligence around the world. These big retailer want to be at the forefront of that, and make sure that they've got companies to support them."
- Evan Walker, portfolio manager - 36ONE Asset Management
"...both on the fintech side, on the logistics side, these are going to be two pivotal areas of growth for retailers. And understanding customer dynamics, and changes in trends, buying patterns, I think artificial intelligence is going to help them significantly on that front."
- Evan Walker, portfolio manager - 36ONE Asset Management