ATLANTA, Might 3, 2022 /PRNewswire/ — The House Depot® as we speak introduced House Depot Ventures, a enterprise capital fund created to determine, fund and associate with early-stage corporations to speed up rising applied sciences that intention to enhance the client expertise and form the way forward for house enchancment.
The $150 million fund goals to spend money on corporations that advance The House Depot’s means to supply a seamless interconnected procuring expertise, develop new and differentiated capabilities, and lengthen its low-cost supplier place to:
Higher Serve Prospects:
- Simplify how folks spend money on their houses all through the significant milestones of house possession, together with preliminary buy and move-in, ongoing upkeep and repairs, and renovations or remodels
- Evolve how skilled (Professional) clients effectively handle and develop their companies, saving them money and time
Higher Serve Associates:
- Enhance the lives of House Depot associates and allow them to collaborate extra safely, simply and effectively to satisfy the quickly altering expectations of consumers
Ship Operational Excellence:
- Drive operational excellence to proceed to ship worth for purchasers, together with platform innovation, supply optimization, asset and community optimization, and the applying of knowledge science
“With House Depot Ventures, we’re lending our assist and experience to allow fast scale of innovation,” mentioned Richard McPhail, government vice chairman and chief monetary officer of The House Depot. “That is an thrilling alternative to search out and scale the subsequent huge concepts in expertise and retail.”
The fund will take into account funding alternatives in companies at varied phases of improvement, with an emphasis on early and progress stage corporations that remedy challenges for The House Depot’s clients and present potential to scale. House Depot Ventures will function a worthwhile associate by offering rising corporations with direct entry to the experience and expansive footprint of the broader enterprise.
House Depot Ventures builds on a profitable historical past of investments in startups, which have delivered constantly sturdy returns and enterprise partnerships. Investments embrace Afero, a safe, end-to-end Web of Issues (IoT) platform to supply sensible capabilities for merchandise in nearly any business; Loadsmart, a freight expertise firm designed to assist shippers and carriers worth, guide and transfer freight extra effectively; Made Renovation, an end-to-end digital platform for lavatory renovations; and Roadie, a crowdsourced supply platform that allows same-day supply to greater than 20,000 zip codes nationwide, which was acquired by UPS in 2021.
About The House Depot
The House Depot is the world’s largest house enchancment specialty retailer. On the finish of fiscal 12 months 2021, the corporate operated a complete of two,317 retail shops in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The corporate employs roughly 500,000 associates. The House Depot’s inventory is traded on the New York Inventory Trade (NYSE: HD) and is included within the Dow Jones industrial common and Customary & Poor’s 500 index. The House Depot is #18 on the 2021 Fortune 500.
SOURCE The House Depot