In late March, Walmart announced its latest technology endeavor, Store No. 8, which was established to incubate startup companies, reports Forbes.
According to Forbes, it will fund e-commerce startup companies.
“We’ll be bringing in entrepreneurs and giving them capital,” says Jet.com founder and CEO of Walmart’s U.S. e-commerce business Marc Lore in the Forbes article. “And give them the opportunity to change the course of retail five or 10 years out.”
According to its website, Store No. 8 says its goal is to allow “wild ideas, impossible notions and big bets [to] become scaleable realities.”
The company recently invested in its first startup, code eight, reports CNBC, which will develop one-on-one shopping experiences for customers.
Walmart has another e-commerce development organization called WalmartLabs, which is focused on developing e-commerce solutions for Walmart instead of funding external e-commerce startups, according to The New York Times.