Coca-Cola Forms $137 Million Venture Capital Fund to Focus on Sustainability
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The Coca-Cola Company announced the Greycroft Coca-Cola System Sustainability Fund, a new venture capital fund formed with eight of the beverage giant’s worldwide bottling partners.
The $137.7 million investment will be dedicated to sustainability-focused investments. Venture capital firm Greycroft, which has experience investing in the enterprise, health tech, fintech, and consumer sectors, will manage the fund. Each participant contributed approximately $15 million in capital to the fund. The bottling companies involved include Arca Continental, Reyes Coca-Cola Bottling, Swire Coca-Cola, Coca-Cola HBC, Coca-Cola FEMSA, Coca-Cola Europacific Partners, Coca-Cola Consolidated, and Coca-Cola Bottling Co. UNITED.
Those companies represent about half of Coca-Cola's system volume globally. Coca-Cola said its carbon footprint represented a significant priority of the fund, which will initially focus on five areas: heating and cooling, packaging, distribution, facility decarbonization, and supply chain.
The company’s previous sustainability-focused projects include investments in recycling Polyethylene Terephthalate (PET), used for packaging various beverages. Other initiatives included PET processing and recycled PET production in Latin America, the Philippines, Indonesia, and Europe.
Coca-Cola President and CFO John Murphy said the company expects the fund to pioneer and scale innovative solutions both in the Coca-Cola system and across the bottling industry.
