Last July the Coca-Cola Company has launched a new $137.7m sustainability fund managed by venture capital firm Greycroft Partners, with eight bottling companies tagging alongside.
Called Greycroft Coca-Cola System Sustainability Fund, it will focus on five sustainability areas, namely heating and cooling, packaging, facility decarbonisation, distribution, and supply chain. The beverage giant and eight of its bottlers are therefore pitching in to invest in sustainability across their ecosystem.
Along with the Coca-Cola Company itself, bottling companies Arca Continental, Coca-Cola Bottling Company United, Coca-Cola Consolidated, Coca-Cola Europacific Partners (CCEP), Coca-Cola Femsa, Coca-Cola HBC, Reyes Coca-Cola Bottling and Swire Coca-Cola committed $15m each to the fund. At least three of the bottlers – Arca Continental, Femsa and CCEP – already run corporate venturing units.
“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, Coca-Cola’s president and chief financial officer.
”We expect to benefit from getting access to emerging technology and science for sustainability and carbon reduction.”