The Coca-Cola Company and eight of its bottling partners launched a $137.7 million venture capital fund to help spark sustainability innovations.
The Greycroft Coca-Cola System Sustainability Fund will seek to invest in companies at the point of commercialization and will be managed by Greycroft, a seed-to-growth venture capital firm, a press release stated.
The fund will focus on packaging, heating and cooling, facility decarbonization, distribution and the supply chain.
In a statement to Plastics Recycling Update, a Coca-Cola representative noted the packaging component of the fund will include money for recycling. “We are investing in start-up companies with new, emerging technology or science in this space versus providing capital for existing recycling companies,” the representative said.
“The Coca-Cola system is committed to creating a more sustainable future, and we understand our responsibility to be part of the packaging waste solution,” the company said. “Recycling is a major component of our World Without Waste goals.”
Those goals include making 100% of Coca-Cola’s packaging recyclable globally by 2025, using at least 50% recycled material in packaging by 2030, and collecting and recycling one bottle or can for each one sold by 2030.
In the press release, John Murphy, president and chief financial officer of The Coca-Cola Company, said the fund “offers an opportunity to pioneer innovative solutions and help scale them quickly within the Coca-Cola system and across the industry.”
“We expect to benefit from getting access to emerging technology and science for sustainability and carbon reduction,” he added.
Capital for the fund will come mainly from The Coca-Cola Company, Arca Continental, Coca-Cola Bottling Co. UNITED, Coca-Cola Consolidated, Coca-Cola Europacific Partners, Coca-Cola FEMSA, Coca-Cola HBC, Reyes Coca-Cola Bottling and Swire Coca-Cola. Each will contribute $15 million. Together, the eight bottlers represent nearly half of Coca-Cola’s global system volume.
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