Starbucks has announced that it plans to invest $100 million into Valor Siren Ventures, a new venture fund led by private equity firm Valor Equity Partners. Starbucks and Valor Equity Partners hope that this will serve to promote and encourage the next generation of food and retail technology startups. The hope is that the fund will raise an additional $300 million over the next few months from other investors and key partners.
In addition to their investments, Starbucks has also announced that they will be exploring other partnerships with retail startup companies. With this move, it is clear that Starbucks is looking to revitalise its retail scope.
Kevin Johnson, Starbucks CEO, said, “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. 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.”
Antonio J. Gracias, Valor’s founder, managing partner, and chief investment officer, said, “As experienced investors in food and retail technology, we are thrilled to partner with Starbucks, one of the most iconic and forward-thinking global brands.”
This is Starbucks’ first significant investment of this kind.