Gaule: Give a brief description of the purpose of your venture, when it was formed and how the process occurs in your organisation?
Grieve: Unilever Corporate Ventures looks to invest in businesses that generate strategic options for Unilever. We manage the portfolio for financial return and provide Unilever with growth options, or supplier businesses that Unilever may partner with or incubate businesses, where the business model is different to that of core Unilever. We also provide intelligence to Unilever on external trends and be a part of the external eyes and ears of Unilever in the venture capital and private equity world. I am delighted to say we are now leveraging the capability that we set up almost 10 years ago to drive increased strategic value while continuing to deliver financial return for Unilever. We also look to find investments where Unilever can bring specific and unique added value to the company so that we can provide a win-win-win for the entrepreneur, for the fund manager and for Unilever.
Gaule: Give a brief overview of the people in the team and the partners you work with?
Grieve: We have a small venturing team within Unilever that either work for our captive London-based fund (Unilever Ventures) or alongside our key fund investments. We also have Unilever team members in the Physic Ventures and Langholm Capital funds where we are a limited partner (LP, investor). Our team members do have the important balance of internal and VC experience. Internally, we work closely with the open innovation group, global categories, countries and the internal new business unit. We have invested a portfolio of fund and direct investments. Externally, we work closely with independent fund managers where we have LP positions and with key stakeholders in all our portfolio businesses.
Gaule: What is your most interesting current area of focus for your corporate venturing group.
Grieve: We are looking at expanding into emerging markets and are working with various organisations in India and China with a view to setting up in the near future. I have attended conferences in India and China and met many fund managers in both countries. I can certainly say this is an exciting area. The two countries are very different but both have booming growth equity markets. In addition, they are eager to partner corporate venturing units and leverage the added value capital they provide.
Gaule: What is your view on the current market conditions for starting a new venture?
Grieve: It could not be a better time – capital is available from independent funds and we are seeing more money coming into corporate venturing. Where a business has a specific connection with a corporate, like Unilever, the attraction of the added value capital becomes even more attractive. Fundraising is certainly difficult at the moment but I see this picking up significantly in the next 12 months.
Gaule: What do you do to relax when you are not supporting the building of ventures?
Grieve: I am married to Debbie and have three wonderful teenage children. I am a little passionate about golf at the moment and would love to improve my handicap, but it is tough, exhilarating at times and hugely frustrating at other times. I am taking more interest in wine selection and enjoy a drink while watching the garden blossom. Then, by contrast, I have a passion for the blue noisy football side of Manchester.