US-based venture capital fund Working Capital has increased its total capital to $25.2m with a $2.5m investment by e-commerce marketplace Zalando and philanthropic organisation Children’s Investment Fund Foundation.
Working Capital plans to invest in developers of technologies such as machine learning and internet-of-things sensors which can support ethical supply chains and eliminate abusive working practices in the manufacturing and sourcing of consumer products.
The fund’s existing partners include entertainment provider The Walt Disney Company, Humanity United, Walmart Foundation, C&A Foundation, Stardust Equity, Open Society Foundations, The Ray and Dagmar Dolby Family Fund.
Humanity United, a subsidiary of impact investment firm Omidyar Group, launched Working Capital in January this year.
Dennis Hoenig-Ohnsorg, who lead’s Zalando’s corporate responsibility activities, said: “In line with our zImpact program we are supporting the fund. The program offers visibility, funding, and expertise to industry players that use digital technology to increase supply chain transparency.
“At Zalando, we believe tech can be a positive force in the industry and focus our engagement in areas where we can have a systemic impact.”