ESG Today writes that Coca-Cola's sustainability fund launched with a capital of 138 million USD, which includes a series of 15 million USD from the company and some of its bottling partners.
Coca-Cola officials said that startups who want to receive funding will have to present cleantech and decarbonization solution found in their commercialization state. Those who present the most potential to reduce the System's carbon footprint will receive the upcoming fundings.
John Murphy, President and Chief Financial Officer of The Coca‑Cola Company, said that "this 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."
Dana Settle, Co-Founder and Managing Partner at Greycroft, the company who will be managing the venture capital, added: "the market for sustainable supply chain and manufacturing technology has continued to grow as consumer brands rise to meet the demands of environmentally conscious customers. Greycroft has an ‘invest anywhere’ approach that we believe allows us to identify promising startups with climate tech solutions ready to scale."