Newtown Partners announces partnership with DP World
Newtown Partners announced a partnership with global supply chain company DP World, a progression of its already established partnership with South Africa-based Imperial Logistics, which was wholly acquired by DP World in March 2022. As part of this partnership, DP World has committed new capital to the corporate venture capital fund and renamed it from the ’Imperial Innovation Venture Fund’ to ‘DP World’s Innovation Venture Fund’.
The fund, initiated in 2019 as a $50 million corporate venture capital fund, has already made substantial progress in its first four years, investing globally in 14 startups spanning road freight exchanges in long-haul, last mile and drayage, road freight management systems, healthtech, insurtech, digital freight forwarding, and supply chain visibility.
Mohammed Akoojee, chief executive officer and managing director of the sub-Saharan Africa region at DP World, expressed the value of its partnership with Newtown Partners, stating, ”We have had a successful partnership with Newtown Partners in the first four years of the fund under the then Imperial banner and we are excited to be continuing this partnership as DP World. This partnership provides us with strategic insights into what our future competitors are creating, thereby allowing us to strategically enhance our current business model with future capabilities developed by startups.”
The DP World Innovation Venture Fund, managed by Newtown Partners, operates as an evergreen structure, allowing for future capital commitments.
Llew Claasen, managing partner at Newtown Partners, expressed his enthusiasm for collaborating with DP World stating, ”We are excited to continue this journey with DP World. Together, we aim to drive innovation in future supply chains that are resilient, agile, and sustainable. Our strong shared vision and long-term commitment to supporting the development of these capabilities will ensure that DP World will have a lasting impact on the future of the logistics and supply chain industry.”