M&S partners with Founders Factory to invest in startups

Marks & Spencer and startup accelerator Founders Factory have joined forces to launch Founders Factory Retail, a joint venture that will invest and grow technology startups focusing on retail.

“Partnering with Founders Factory as their exclusive retail partner gives M&S access to a global network of start-ups and entrepreneurs which will provide disruptive thinking and questioning to the way we work at a time of critical transformation within the business”, said Steve Rowe, Chief Executive at Marks & Spencer, in a statement. “Founders Factory has a great track record in creating successful businesses and by investing in new innovative technologies and products we hope to change the way we work and operate”.

Therefore, the initiative reflects Marks & Spencer’s goal to explore new technologies and place digital at the heart of its business. Last month, M&S announced a strategic partnership with Microsoft to explore ways in which artificial intelligence could optimize the retailer’s operations and improve its customer experience.

”After over 60 investments in the last two years we have seen the huge potential of combining startup innovation with corporate scale and expertise, and so we are excited by this new chapter in a sector that is changing rapidly through technology”, added Founders Factory’s Co-founder and Executive Chairman, Brent Hoberman.

M&S will be the majority stakeholder in the joint venture.

Picture: M&S Media Centre