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Starbucks Corp. is investing $100 million in a new fund to promote development of technologies for retail and food startups.
The Valor Siren Ventures Fund, to be managed by Tesla investor Valor Equity Partners, will seek to raise an additional $300 million from other partners. Meanwhile, Starbucks says it will pursue separate commercial relationships with these startups.
“We are inspired by and want to support the creative, entrepreneurial businesses of tomorrow, with whom we may explore commercial relationships down the road”
“We believe that innovative ideas are fuel for the future, and we continue to build on this heritage inside our company across beverage, experiential retail and our digital flywheel,” said Starbucks President and CEO Kevin Johnson in a press release. “At the same time, and with an eye toward accelerating our innovation agenda, we are inspired by and want to support the creative, entrepreneurial businesses of tomorrow, with whom we may explore commercial relationships down the road. This new partnership with Valor presents exciting opportunities not only for these startups, but also for Starbucks as we build an enduring company for decades to come.”
Valor's team has worked with various companies over its 20-year history, principally in the consumer, engineered-products and services sectors.
By Edmund Mander
Director, Editor-In-Chief/SCT
