Starbucks is serving up a steaming hot $100 million cash commitment to anchor a new food-focused fund in partnership with the consumer and tech-focused focused private equity firm Valor Equity Partners.
The behemoth of burnt-coffee said that its commitment to the Valor Siren Ventures fund is an attempt to focus on “new ideas and technologies that are relevant to customers, inspiring to partners (employees), and meaningful to Starbucks business.”
The Starbucks announcement was short on details, except for a general statement that it would focus on investments in companies developing technologies, products and solutions related to food or retail.
As a company, Starbucks has been incredibly innovative — rolling out new tech-enabled services to customers. The company has one of the most popular mobile payment services, is dabbling with cryptocurrency payments and has a robust on-demand delivery service through UberEats.
Read more: https://techcrunch.com