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Venture capital 38 | GREEN SOLUTIONS FROM SWEDEN ■ IKEA GreenTech latest investment is in DyeCoo Textile Systems, a Dutch company that has developed the first commercially avail- able waterless dyeing technology. ergy. ■
IKEA Invests Heavily in Cleantech Venture capital company IKEA GreenTech AB is investing heavily in cleantech. The company has so far invested EUR 12 million in four companies of a total of EUR 60 million allocated for investment. I KEA GreenTech, a venture capital company within the IKEA Group, invested EUR 12 million between 2010 and 2012 in companies working with cleantech and in a venture capital fund that invests in cleantech. The venture capital company’s mission is primarily to invest in technology companies that contribute to greater sustainability, both for the community in general and within IKEA’s business activities. IKEA GreenTech is wholly owned by the IKEA Group, which means that these investments not only provide an injection of money and external expertise, but also open an opportunity to work with the IKEA furniture warehouse chain. All profits are returned to the fund to create a continuous influx of capital that can be used to make new investments. “Our goal is to make investments that enable IKEA to offer innovative new products that help people to live a more sustainable life at home. After evaluating interesting ideas from over 700 companies, we selected the technologies that offer real potential in this area,” says Christian Ehrenborg, Managing Director, IKEA GreenTech. IKEA GreenTech was founded in 2008 and focuses mostly on the Nordic countries and Europe. The company now plans to accelerate the process of identifying new investments that will help the IKEA Group to fulfill its new sustainability strategy, People & Planet Positive. “We are selective. We only invest in products, designs, materials, or processes that contribute to IKEA’s commitment to sustainability,” adds Ehrenborg. IKEA’s sustainability strategy includes challenging commitments that are designed to help millions of people to save energy and water, and to reduce their household waste. Moreover, the strategy also helps to make IKEA a more sustainable com pany. IKEA GreenTech is investigating opportunities throughout IKEA’s supply chain to support its strategy. IKEA GreenTech’s Investment Criteria: • Minimum 10% ownership • Improved sustainability for IKEA business activities in combination with at least one other positive effect, normally cost savings • Products that are ready to be introduced onto the market • Primarily innovative technology, strong IPR and know-how • A business idea with major international potential and a distinct go-to-market plan • A strong and motivated management team • Timing; the market need should exist now • Possible to implement in IKEA business activities • Realistic exit possibilities within, typically, 5-7 years, with a good return on investment GREEN SOLUTIONS FROM SWEDEN | 39
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