The store owner's corporate VC, Circle K Ventures, invested in technologies that could improve customer experience at its stores and forecourts.
Canadian convenience store owner Alimentation Couche-Tard is winding down its corporate venture capital arm, Circle K Ventures.
In a LinkedIn post, Jonathan Shaanan, who led the CVC, said that “in today’s market environment, ACT’s shareholders are understandably focused on more predictable returns. As a result, the decision was made to wind down the fund.” Alimentation Couche-Tard did not respond to a request for comment before press time.
The company reported a net income of $453m in the fourth quarter of fiscal 2024, compared with $671m in the same quarter of 2023. Earnings were impacted by foreign exchange losses and lower margins from selling fuel at its network of forecourts.
Circle K Venture Fund was set up in 2020 with an initial $100m to invest in startups developing technologies in digital customer experience and operational efficiency, as well as delivery and distribution. Its investments include CarIQ, an automotive payment technology startup.
Shaanan said in the LinkedIn post that his next step is launching a new venture fund for Mila – Quebec Artificial Intelligence Institute, a research institute in AI based in Quebec, Canada.
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