Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.
Today we dive into the corporate venturing journey of Georg Reifferscheid, Head of Climate Tech at REWE Group, one of Europe’s largest retailers with €94B in revenue and 350,000 employees. With supermarkets, discount brands, travel agencies, hotels, DIY markets, and more under its umbrella, REWE is a powerhouse — but also a company with massive sustainability challenges.
Georg walks us through how REWE Ventures is structured across four focus areas (Retail Tech, E-Grocery, Food Tech, and Climate Tech), why his team is prioritizing cooling, HVAC, and green construction materials, and what it really takes to get startups and corporates to collaborate effectively. From investment strategy and deal stages to the psychology of expectation management, this is a candid look at how a €100B cooperative builds innovation for the next century.
🎧 Here’s what’s covered:
00:10 Introduction: Jeppe welcomes Georg and sets the stage on REWE’s scale and Georg’s unique background.
05:00 Inside REWE Ventures: the four focus areas and how each ties directly into REWE’s business units.
10:00 Climate Tech mandate: from Scope 1 and 2 emissions to why cooling and HVAC are priority #1.
15:00 Investment approach: Series A+ sweet spot, why hardware is front and center, and REWE’s role as a strategic co-investor.
20:00 Diligence process: how technical validation, strategic fit, and M&A teams all come together.
25:00 Strategic vs. financial: Georg on why strategic value add trumps pure returns.
30:00 Building trust inside a corporate: expectation management, psychology, and anecdotes from warehouses and stores.
35:00 Climate Tech Challenge: how REWE screens startups efficiently and generates pilots.
40:00 Portfolio highlights: Project Eden in Food Tech, plus upcoming pilots in cooling technology.
45:00 Lessons for corporates: defining your “why,” building with psychology in mind, and learning that startups and corporates live in different time zones.
You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).
✍️ Show Notes
The Core Insight
REWE is one of Europe’s largest cooperatives — and it’s betting big on climate tech. By embedding venturing directly inside core business units, REWE Ventures ensures innovation is not a side-show but tied to real operational challenges.
Why Now
Net-zero by 2050 target, SBTi commitments since 2023.
Cooling, HVAC, and green construction are immediate Scope 1/2 priorities.
Food Tech remains active, with alternative proteins and precision fermentation scaling onto shelves.
REWE’s Model
4 focus areas: Retail Tech, E-Grocery/Mobility, Food Tech, Climate Tech.
Inside-out approach: investment priorities set by business pain points.
Investment stage: Series A+, typically co-investing (not leading), €5M+ tickets.
Strategic Value Add
Every deal starts with the question: can REWE be the customer?
Venture clienting as the bridge between pilots and investments.
Emphasis on hardware solutions with tangible decarbonization impact.
Psychology in CVC
Internal trust-building with 350,000 employees is as critical as startup scouting.
Expectation management: not every corporate stakeholder applauds innovation.
Different “time zones”: startups move at speedboats’ pace, corporates at tankers’ pace.
Highlights
Climate Tech Challenge: lean screening model → 10 startups → 3 pilots in cooling/building.
Project Eden (Food Tech): precision fermentation investment with Planet A.
Upcoming: pilots in cooling and HVAC to cut emissions in logistics and stores.
💡 One-liner takeaway:
Corporate venturing is not just about capital — it’s about embedding innovation where it matters most, and making psychology and trust the foundations for startup–corporate collaboration.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
