The fund will identify, fund and partner with early-stage companies to accelerate emerging technologies to boost the customer experience. The fund will invest in companies that will help Home Depot provide a seamless interconnected shopping experience and develop new and differentiated capabilities.
"With Home Depot Ventures, we're lending our support and expertise to enable rapid scale of innovation," Richard McPhail, executive vice president and chief financial officer of The Home Depot, said in a statement. "This is an exciting opportunity to find and scale the next big ideas in technology and retail."
The companies that the fund invests in should also aim to better serve customers and associates and deliver operational excellence. The fund will focus on early and growth-stage companies that solve challenges for Home Depot customers and have the potential to scale. The venture fund will also act as a partner for these companies, offering direct access to the expertise and expansive footprint of the broader enterprise.
Home Depot has already invested in upcoming companies, such as:
Afero, a secure, end-to-end Internet of Things (IoT) platform to provide smart capabilities for products in virtually any industry;
Loadsmart, a freight technology company designed to help shippers and carriers price, book and move freight more efficiently;
Made Renovation, an end-to-end digital platform for bathroom renovations;
Roadie, a crowdsourced delivery platform that enables same-day delivery to more than 20,000 zip codes nationwide, which was acquired by UPS in 2021.