Mike Locker will oversee the home improvement product retailer’s new investment arm.

US-listed hardware retailer Home Depot has formed a $150m corporate venture capital (CVC) arm dubbed Home Depot Ventures to identify and back customer experience and home improvement startups.

Home Depot has already backed a number of startups such as internet-of-things software platform Afero, freight automation service Loadsmart and Roadie, the delivery service provider that was eventually acquired by logistics firm UPS. A fund, however, is a sign that that the company is looking to scale up its…

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