US-based beverage producer Coca-Cola Company has shuttered its Founders incubator, resulting in the departure of David Butler and Ross Kimbel from the company’s executive team, Innovation Leader has reported.
Butler had served as vice-president of innovation and entrepreneurship, while Kimbel was global director of innovation and entrepreneurship.
Coca-Cola Founders was established in 2013 to collaborate with and invest in startups that could give the corporate an edge over other beverage manufacturers. The initiative was active in 10 cities across the world including Berlin, Sydney and Buenos Aires.
The incubator invested in eight startups, including US-based on-demand staffing provider Wonolo, which raised $5.7m in February 2016, and Australia-based hydration biosensor company iHydrate.
The existing portfolio will now be overseen by Coca-Cola’s M&A unit, though the corporate does not plan on making follow-on commitments or conducting new investments.
The decision to shut down Coca-Cola Founders follows last month’s announcement that Coca-Cola chief executive Muhtar Kent will step down in May 2017 after eight years at the helm to be replaced by chief operating officer James Quincey.