ATLANTA — The Coca-Cola Co. and eight bottling companions have closed a $137.7 million enterprise capital fund to put money into early-stage firms creating sustainable options which will assist cut back the Coca-Cola system’s carbon footprint.
“This fund provides a possibility to pioneer progressive options and assist scale them rapidly inside the Coca-Cola system and throughout the trade,” stated John Murphy, president and chief monetary officer of The Coca-Cola Co. “We anticipate to profit from gaining access to rising expertise and science for sustainability and carbon discount.”
Areas of focus embody packaging, heating and cooling, facility decarbonization, distribution and provide chain. Greycroft, a seed-to-growth enterprise capital agency, will handle the Greycroft Coca-Cola System Sustainability fund. Since its inception, Greycroft has raised greater than $3 billion in capital and has made greater than 400 investments throughout shopper, enterprise, well being expertise and finance expertise sectors, based on the corporate.
“The marketplace for sustainable provide chain and manufacturing expertise has continued to develop as shopper manufacturers rise to satisfy the calls for of environmentally acutely aware prospects,” stated Dana Settle, co-founder and managing associate of Greycroft. “Greycroft has an ‘make investments wherever’ strategy that we imagine permits us to establish promising startups with local weather tech options able to scale.”
Coca-Cola and the taking part bottlers characterize practically half of the Coca-Cola system quantity all over the world. The fund builds on a historical past of investments in sustainability tasks throughout the corporate’s international operations.