Woolworths has set up a venture capital arm as part of chief executive Brad Banducci's strategy of creating new revenues by investing in disrupters like food delivery businesses and sharing the supermarket giant's digital, data, logistics and marketing assets.

The investment arm, dubbed W23, was established last April to explore investments in innovative early-stage and growth companies in the food and retail sectors, with a focus on 'disruptive' consumer products and services and retail technology.