Starbucks to trial new Eco-friendly cups in London
Starbucks picks London as part of recyclable cup trial, investing $100m in retail startups: Starbucks has chosen London to trial new cups that can be recycled or composted as part of a pilot in several global markets. The move was announced at Starbucks’ annual general meeting in which chief executive Kevin Johnson set out his vision to build an “enduring company”. Starbucks customers in New York, San Francisco, Seattle, Vancouver and London will test a number of cups, both recyclable and compostable, which will be produced by the NextGen Cup Challenge winners announced earlier this month. As well as the greener cups, Starbucks will roll out recyclable strawless lids in the US and Canada. Starbucks has also unveiled a feature for its app that shows its coffee’s journey from bean to cup. Johnson said: “We are reimagining the future for Starbucks, and the more than 30,000 communities we serve each day, with a great sense of responsibility for a more sustainable planet.” Johnson also announced the company would invest $100m in Valor Siren Ventures, a new venture fund led by private equity firm Valor Equity Partners. The fund will serve as an incubator for the next generation of food and retail technology startups, while Starbucks will seek to raise an additional $300m from other investors and key partners in the coming months. This is the first time Starbucks has made this type of investment as it aims to support new ideas in food technology and retail products and explores commercial partnerships with retail startup companies.
Article Credit: Propel