South Africa: Shoprite Joins Group of Retailers Revamping Retail On a Global Scale

8 April 2024
Daily Maverick (Johannesburg)
analysis By Georgina Crouth

The W23 Global fund will pump $125m into start-ups aimed at addressing sustainability and transforming grocery retail.

Shoprite - Africa's largest retail group which pioneered R5 meals and pads, as well as 60-minute delivery just in time for the Covid pandemic -- has now joined other global grocery leaders in a new venture capital fund that will invest $125-million (R2.33-billion) 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.

Maes has more than 25 years of experience in innovation in FMCG and grocery retail.

She is highly regarded in the retail sector and has a reputation for "being visionary, moving fast,...

Read the full story on Daily Maverick.

Tagged:
Copyright © 2024 Daily Maverick. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.