US-based beverages producer Coca-Cola has revealed the results of its early-stage initiatives by closing its early stage-focused investment unit Founder’s Program while retaining Bridge, its startup commercialisation initiative.
Coca-Cola had invested $250,000 each in 11 companies before closing Founder’s Program earlier this year. However, the Israel-based Bridge has expanded over the past three years, securing media company Turner Broadcasting and carmaker Mercedes-Benz as partners.
In Bridge’s first three classes, 30 startups have set up 90 pilots and 27 licensing agreements, according to TechCrunch. Augmented reality developer Cimagine was acquired by social media company Snap in Deceember 2016 while Bringg raised $10m in March 2017 from a consortium including Coca-Cola.