Unilever joins forces with Vesta Group in new Venture

Unilever has announced the launch of Unispark, a new joint venture with Vesta Group. The venture is designed to encourage entrepreneurs both inside and outside Unilever to submit ideas to help drive growth opportunities around its fabrics care brands, which include Persil and Comfort. Unispark is a wholly owned initiative within Unilever and will be funded from the group’s European Fabrics annual innovation budget. The venture will be managed by a five-strong team at Unilever’s Kingston-upon-Thames office and will draw on the group’s R&D, marketing and distribution networks. Nick Basing, director of innovation and new business for Unilever’s European laundry business, is heading the venture.Vesta Group will bring venture capital expertise to the initiative, as well as experience working with entrepreneurs and emerging businesses. It will be involved in vetting submitted ideas and business plans, providing initial due diligence to ensure a quick response to applicants. Vesta will have the opportunity to co-invest alongside Unilever and will also help source funding from within the venture capital community for larger investment situations. Vesta will also be given the opportunity to back those companies or entrepreneurs with technologies that do not fit within Unilever’s existing brands. Unispark will not look to create a portfolio of companies, but will seek to develop ideas or support businesses that will contribute towards the development of Unilever’s existing brands. The range of investment opportunities will include the provision of funding and resources to develop new business opportunities within Unilever, the evaluation and filing of patent opportunities, buyout opportunities for established businesses and joint ventures for new business ideas.

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