The Coca-Cola Company (NYSE:KO) and eight global bottling partners have closed a new $137.7 million venture capital fund focusing on sustainability investments.
Greycroft, a seed-to-growth venture capital firm, will manage the Greycroft Coca-Cola System Sustainability Fund.
Greycroft invests in enterprise and consumer solutions across life cycles and industries.
The fund will focus on key investments in packaging, decarbonization and other initiatives to reduce carbon footprint.
“This fund offers an opportunity to pioneer innovative solutions and help scale them quickly within the Coca-Cola system and across the industry,” said President and CFO John Murphy.
“We expect to benefit from getting access to emerging technology and science for sustainability and carbon reduction.”
Together, the bottlers’ $15 million committed capital represents nearly half of Coca-Cola system volume worldwide.
The fund will seek to invest in companies at the point of commercialization.
Price Action: KO shares are trading higher by 0.42% at $59.77 on the last check Wednesday.
