Supermarket giant Woolworths has made a multimillion-dollar investment in Melbourne startup Marketplacer as part of its plans to compete with the likes of Amazon through the launch of its own marketplace offering.
Woolworths’ venture capital arm, W23, announced the investment on Thursday which will see the supermarket take a minority stake in Marketplacer alongside a number of high-profile investors, including tech giant Salesforce and prominent investment firms Endeavour and Acorn Capital.
Marketplacer was founded in 2016 by Jason Wyatt and Sam Salter. The startup helps retailers create their own online marketplaces, similar to those offered by eBay or Amazon, and sell both their own and third-party products. This allows companies to effectively offer a larger range of products without having to stock the items themselves. Read more…..
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