Investment Areas

Six pillars of essential commerce.

The technology and infrastructure layer.

We invest across six interlocking layers of the modern retail stack. Each pillar names a piece of infrastructure being rebuilt by founders we want to back.

Our pillars sit underneath the Consumer 2050 vision. They are how we organize our reading of the market: the layers of the stack where new infrastructure is being built, and where the companies we back will operate over the next decade and beyond.

Shopping Experiences

The front-end of retail — discovery, storefronts, smart carts, marketplace infrastructure.

Merchandising and Store Operations

The operational layer of the physical store is transforming into a data-rich, AI-orchestrated hub that drives real-time merchandising decisions and seamless omnichannel fulfillment.

Supply Chain and Fulfillment

Moving goods through the system — last-mile, logistics software, fulfillment infrastructure, and the trade policy reshaping where goods are sourced.

Retail Media and Advertising

The monetization layer on retailer first-party data — media networks, ad-tech, measurement.

Culinary and Foodservice

The grocery–restaurant intersection — ghost kitchens, prepared meals, and foodservice automation, reshaped by consolidation and the technology operators adopt under margin pressure.

Retail Health Tech

The technology layer of retail health — pharmacy automation, script fulfillment, diagnostics, and the data infrastructure behind consumer health at retail.