Starbucks Commits $100 Million as Cornerstone Investor in Valor Siren Ventures I L.P. to Focus on “New Retail” Innovation
March 20 2019 - 9:00AM
Business Wire
Company focuses on new ideas and technologies
that are relevant to customers, inspiring to partners (employees),
and meaningful to the Starbucks business
Starbucks Corporation (NASDAQ: SBUX) today announced its
pioneering investment in the new Valor Siren Ventures I L.P.
(“VSV”), which will serve as a growth driver for the next
generation of food and retail start-up technology companies.
Managed by Valor Equity Partners, a leading growth-focused private
equity investment firm that was among the first investors in food
technology, the new fund will identify and invest in companies that
are developing technologies, products, and solutions relating to
food or retail. These verticals are increasingly relevant to
Starbucks as it seeks to support its world-class talent with an
innovation agenda accelerated by external relationships.
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The Starbucks $100 million cornerstone commitment to VSV is the
first of its kind for the company, and the new fund will seek to
raise an additional $300 million in the coming months from other
strategic partners and key institutional investors. Separately,
Starbucks will also explore direct commercial arrangements with
these start-ups. Under the leadership of Kevin Johnson, Starbucks
president and ceo, the company is growing with focus and
discipline, embracing new ideas and innovations that are relevant
to Starbucks customers, inspiring to its partners, and meaningful
to its business.
“We believe that innovative ideas are fuel for the future, and
we continue to build on this heritage inside our company across
beverage, experiential retail, and our digital flywheel,” said
Johnson. “At the same time, and with an eye toward accelerating our
innovation agenda, we are inspired by, and want to support the
creative, entrepreneurial businesses of tomorrow with whom we may
explore commercial relationships down the road. This new
partnership with Valor presents exciting opportunities, not only
for these startups, but also for Starbucks, as we build an enduring
company for decades to come.”
Antonio J. Gracias, Valor's Founder, Managing Partner, and Chief
Investment Officer, said, “as experienced investors in food and
retail technology, we are thrilled to partner with Starbucks, one
of the most iconic and forward-thinking global brands. Under our
partner Jon Shulkin’s leadership, we are incredibly excited to
partner with Starbucks to drive innovation in the food and retail
industries.”
Over its 20-year history, Valor's team has worked with
companies, principally in the consumer, engineered products, and
services sectors. Examples of Valor’s investments in the food and
retail technology space include goPuff, Fooda and Sizzling Platter,
to name a few. Valor combines extensive entrepreneurial experience
with operational and technical expertise to accelerate growth.
Forward-Looking StatementsCertain statements contained
herein are “forward-looking statements” within the meaning of the
applicable securities laws and regulations. Generally, these
statements can be identified by the use of words such as
“anticipate,” “expect,” “believe,” “could,” “estimate,” “feel,”
“forecast,” “intend,” “may,” “plan,” “potential,” “project,”
“should,” “will,” “would,” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
statements are based upon information available to Starbucks as of
the date hereof, and Starbucks actual results or performance could
differ materially from those stated or implied due to risks and
uncertainties associated with its business. These risks and
uncertainties include, but are not limited to, the risks detailed
in the company filings with the Securities and Exchange Commission,
including the “Risk Factors” section of Starbucks Annual Report on
Form 10-K for the fiscal year ended September 30, 2018. We assume
no obligation to update any of these forward-looking
statements.
About Valor Equity PartnersValor Equity Partners is an
operational growth investment firm focused on control and
non-control investments in high-growth companies across various
stages of development. For decades, Valor has served its companies
with unique expertise to solve the challenges of growth and scale.
Valor partners with leading companies and entrepreneurs who are
committed to the highest standards of excellence and the courage to
transform their industries. For more information on Valor Equity
Partners, please visit www.valorep.com.
About StarbucksSince 1971, Starbucks Coffee Company has
been committed to ethically sourcing and roasting high-quality
arabica coffee. Today, with more than 30,000 stores around the
globe, Starbucks is the premier roaster and retailer of specialty
coffee in the world. Through our unwavering commitment to
excellence and our guiding principles, we bring the unique
Starbucks Experience to life for every customer through every cup.
To share in the experience, please visit our stores or online at
news.starbucks.com and Starbucks.com.
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