Coca-Cola and eight of its bottling partners from around the world, each of which have provided $15 million of committed capital, have created a $137.7 million venture capital fund, known as the Greycroft Coca-Cola System Sustainability Fund, which will focus on sustainability investments. Greycroft, a seed-to-growth venture capital firm that invests in enterprise and consumer solutions across lifecycles and industries, will manage the fund.
Initially, the fund will focus on the Coca-Cola system’s carbon footprint. Five key areas will be addressed: packaging, heating and cooling, facility decarbonization, distribution, and supply chain. The fund will seek to invest in companies at the point of commercialization. Greycroft will help scale innovations.
The companies that have invested in the fund include: The Coca-Cola Company, Arca Continental, Coca-Cola Bottling Co. UNITED, Coca-Cola Consolidated, Coca-Cola Europacific Partners, Coca-Cola FEMSA, Coca-Cola HBC, Reyes Coca-Cola Bottling, and Swire Coca-Cola. Together, the bottlers represent nearly half of the Coca-Cola system volume around the world.
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“This fund offers an opportunity to pioneer innovative solutions and help scale them quickly within the Coca-Cola system and across the industry,” says 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 market for sustainable supply chain and manufacturing technology has continued to grow as consumer brands rise to meet the demands of environmentally conscious customers,” adds 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.”
