The Coca-Cola Company and eight of its bottling partners have raised £105.6m for a new venture capital fund that looks to invest in sustainable initiatives.
The fund, which is managed by venture capital company, Greycroft, will invest in packaging, decarbonisation, as well as heating and cooling in a bid to reduce the FMCG giant’s carbon footprint, The Grocer reported.
The partners, including Coca-Cola Europacific Partners and Coca-Cola HBC, invested £11.5m each.
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The Coca-Cola Company CFO, John Murphy, said: “This fund offers an opportunity to pioneer innovative solutions and help scale them quickly within the Coca-Cola system and across the industry.
“We expect to benefit from getting access to emerging technology and science for sustainability and carbon reduction.”
Greycroft co-founder and managing partner, Dana Settle, added: “The market for sustainable supply chain and manufacturing technology has continued to grow as consumer brands rise to meet the demands of environmentally conscious customers.
“Greycroft has an ‘invest anywhere’ approach that we believe allows us to identify promising startups with climate tech solutions ready to scale.”
