Rob Chumley and Raja Doddala, the co-founders of 7-Ventures, the corporate venturing arm of US-based convenience retail chain 7-Eleven, have both left the unit, according to Bloomberg.
7-Eleven formed 7-Ventures in 2013 in order to access the disuptive models of retail services and delivery being created by startups like PostMates and DoorDash. In addition to supplying equity funding, the company also offered the opportunity to use its outlets as a testing ground for new products.
The unit has invested in approximately half a dozen companies according to Bloomberg, including customer loyalty platform Belly and digital locksmith KeyMe.
However, Chumley said 7-Eleven’s low-tech reputation meant establishing credibility with startups and venture capital firms often proved difficult. He departed from 7-Ventures in 2015 and Doddala followed in March this year.
A company spokesperson confirmed to Bloomberg that Chumley and Doddala had left, but did not disclose whether 7-Ventures was still operational. The unit’s last publicly disclosed investment was as part of the $20m round closed by KeyMe in January 2016.