$137.7 Mn fund to focus on initiatives with the potential to reduce the Coca-Cola system’s carbon footprint
The Coca-Cola Company, one of the leading total beverage companies and eight bottling partners from around the world announced the closing of a new, $137.7 million venture capital fund focusing on sustainability investments.
The Coca-Cola system’s carbon footprint is a major priority for the fund, so it will focus on five key areas with the most potential impact to start: Packaging, Heating and cooling, Facility decarbonization, Distribution, and Supply chain.
“This fund offers an opportunity to pioneer innovative solutions and help scale them quickly within the Coca-Cola system and across the industry,” said John Murphy, President and Chief Financial Officer of The Coca-Cola Company. “We expect to benefit from getting access to emerging technology and science for sustainability and carbon reduction.”
The fund will seek to invest in companies at the point of commercialization. For Greycroft, a seed-to-growth venture capital firm, partnering with the Coca-Cola system presents an attractive opportunity to help scale innovations alongside some of the top bottling operations in the world.
“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,” said Dana Settle, Greycroft Co-Founder and Managing Partner. “Greycroft has an ‘invest anywhere’ approach that we believe allows us to identify promising startups with climate tech solutions ready to scale.”