Salling Seeds will back European retail, technology and sustainability startups and its first investment is in the East Jutland Innovation Fund.
Denmark-based retail company Salling Group has unveiled a DKK500m ($78m) corporate venture capital arm called Salling Seeds that will target European retail tech developers.
The unit will invest in startups and smaller scaleups focusing on retail, technology and sustainability that can support Salling’s core activities. Although it is an international investor, it plans to prioritise local markets in Europe.
Salling Group runs grocery stores, including names like Føtex, Bilka, and Netto, in Denmark, Germany, Poland, Estonia, Latvia and Lithuania. It also has a range of businesses in its home country including ecommerce platforms, departments stores, coffee shops and restaurants as well as a meal box subscription service.
The unit’s capital is being supplied by Salling Group and it will operate as an evergreen fund, providing DKK5m to DKK25m ($782,000 to $3.9m) for an initial investment with more capital reserved for follow-on rounds. Its first investment is a DKK100m commitment to East Jutland Innovation Fund, which backs startups in the eponymous Danish region.
Salling Seeds is headed by Andreas Møballe, also Salling Group’s head of group strategy, mergers and acquisitions. He joined the company earlier this year, having previously overseen group strategy and M&A for food and beverage producer Danish Crown.
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