Ahold Delhaize highlights new W23 Global investments in product development and retail media

December 12, 2025 – Ahold Delhaize is pleased to share new updates from W23 Global, the venture capital fund backed by five major grocery retailers – Ahold Delhaize, Tesco, Woolworths Group, Empire Company Limited, and Shoprite Group. The fund just made two new investments in start-up companies Keychain and Topsort. These investments support technologies designed to strengthen product development and retail media, reinforcing ongoing efforts to help retailers operate more effectively and deliver better experiences for customers. 

Jan Brecht, Chief Information Officer at Ahold Delhaize, comments, “By being part of W23 Global, Ahold Delhaize is taking part in shaping the future of our industry. As technology reshapes a big part of grocery retail, W23 Global helps identify and scale solutions through investments that deliver real operational value. Keychain and Topsort address challenges we see across our brands and the broader retail industry – like product development speed, transparency, and smarter retail media. These are the kinds of innovations that help retailers work better and serve customers better.” 
 

Strengthening product development with Keychain
One of the two announced investments is Keychain, an AI-powered manufacturing platform used by eight of the ten largest retailers in the U.S. – along with 7-Eleven and Whole Foods. Through Keychain’s proprietary platform, Keychain Search, the AI-based system helps manufacturers manage their production cycle with greater speed, visibility, and intelligence. It also gives retailers clear insight into how existing products are made, helping them reproduce or improve formulas with trusted manufacturers, as well as enabling them to create entirely new products from the ground up. The platform uses AI to recommend the best production options to meet retailers' goals for quality, cost and sustainability. 

Ingrid Maes, CEO and Chief Investment Officer of W23 Global noted, “Keychain’s AI-powered platform streamlines private label sourcing and enables retailers to bring quality private label products to customers faster and more efficiently.” With more than 30,000 manufacturers and 20,000 brands and retailers in its network, Keychain is helping modernize product development across the sector.
 

Expanding retail media capabilities with Topsort
W23 Global has also invested in Topsort, an AI and auction-based retail media infrastructure company that aims to democratize Silicon Valley’s monetization secrets to retailers and marketplaces by using innovative bidless auction technology. Topsort’s auction-based formats include sponsored listings, banners, off-site media without heavy engineering lift. By combining scalable infrastructure, AI automation, and omnichannel capabilities, Topsort is building a future where retail media is not just an add-on, but a core driver of retail growth while remaining cleaner, more connected, and global.

As Ingrid Maes highlighted, “Topsort’s innovative bidless auction technology empowers retailers to expand their media networks, while offering more sellers the chance to effectively reach relevant customers.” By simplifying the retail media ecosystem, Topsort makes it easier for retailers to connect advertisers with customers in more relevant, transparent and efficient ways.
 

A continued commitment to innovation
Together, these investments reflect W23 Global’s ongoing work to support start-ups delivering technology with real-world, cross-market impact. Through its investment in W23 Global, Ahold Delhaize is actively shaping the future of grocery retail, advancing practical innovations that address industry challenges and help retailers operate more efficiently, serve customers better, and respond to evolving market needs.


About W23 Global
W23 Global is a global grocery retail venture capital fund backed by five leading grocery retailers: Tesco (UK, ROI, Europe), Ahold Delhaize (US, Europe, Indonesia), Woolworths Group (Australia, New Zealand), Shoprite Group (Africa), and Empire Company Limited (Canada).

W23 Global invests in innovative start-ups and scale-ups developing technology to transform grocery retail. Its work focuses on supporting companies that build solutions with practical application across markets, helping advance the way retailers operate and serve customers while addressing sustainability challenges. As technology continues to shape the future of grocery retail, W23 Global remains focused on solutions that make a tangible difference for both customers and retailers.


For more information about W23 Global, visit www.w23.vc.