Starbucks stumps up $100m for retail tech fund
Starbucks has invested $100 million in Valor Siren Ventures (VSV).
Managed by Valor Equity Partners, which has previously invested in Tesla and SpaceX, the new fund will identify and back companies that are developing technologies, products and solutions relating to food or retail. It will seek to raise an additional $300 million in the coming months from other parties.
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Starbucks will get first look at the startups identified by VSV. It’s the first time that the coffee giant has made this kind of investment. “We believe that innovative ideas are fuel for the future, and we continue to build on this heritage inside our company across beverage, experiential retail, and our digital flywheel,” says Kevin Johnson, Starbucks President and CEO.
“At the same time, and with an eye toward accelerating our innovation agenda, we are inspired by, and want to support the creative, entrepreneurial businesses of tomorrow with whom we may explore commercial relationships down the road. This new partnership with Valor presents exciting opportunities, not only for these startups, but also for Starbucks, as we build an enduring company for decades to come.”