Coca-Cola HBC has joined with The Coca-Cola Company and seven other leading bottling partners from around the world to announce a first-of-its-kind, sustainability-focused venture capital fund of $137.7 million.
The fund will be managed by Greycroft, a leading seed-to-growth venture capital firm, who will help to scale innovations alongside The Coca-Cola Company and some of the top bottling operations in the world.
To start with the focus will be on five key areas with the most potential impact to reduce the Coca-Cola system’s carbon footprint: packaging, heating and cooling, facility decarbonisation, 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 bottlers involved represent nearly half of the Coca-Cola system volume around the world, with each contributing towards the $137.7 million fund. Other bottling partners include Arca Continental, Coca-Cola Bottling Co. UNITED, Coca-Cola Consolidated, Coca-Cola Europacific Partners, Coca-Cola FEMSA, Reyes Coca-Cola Bottling and Swire Coca-Cola.
